• US S Corporation with 2 US Shareholders
No foreign transactions in ordinary course of business
S Corporation has an investment account which holds foreign stock and receives $ 200 of foreign tax credit a year
US S Corporation is required to file K-2 and provide K-3 to all partners
• US Partnership with 3 US Partners
No foreign transactions No foreign assets 1 Partner files Form 1116 US Partnership is required to file K-2 and provide K-3 to partner who files Form 1116