This book provides tax, accounting, and legal practitioners in the U.S. with a fundamental understanding of major concepts and issues in international tax. Foreign practitioners who advise companies on U.S. inbound investments and business transactions can also benefit. The text provides many helpful aids to understanding and emphasizes economic effects throughout. For example, existing texts on the market present the foreign tax credit rules strictly in legal terms without clarifying how the rules affect taxpayers and what incentives the rules create. In contrast, this book explains when taxpayers are likely to end up in excess credit or excess limit positions and the economic incentives these positions create. It also explains how to calculate marginal tax rates in many situations, a concept other international tax books ignore.