What does "Reduction in Taxes Available for Credit" re Trust K-1 Box 14B?

[PatriciaV]

Form 1041 Schedule K-1 Box 14 Code B reports the beneficiary's allocable share of taxes paid or accrued to a foreign country. A statement should be attached that reports the beneficiary's share of foreign tax (paid or accrued) and income by category including interest, dividends, rents and royalties, and other income. This information may reduce the foreign taxes that are available for the Foreign Tax Credit.