I have not completed k-3 for any partnerships. most do not have any foreign income and therefore no FTC. I am a US citizen with no foreign assets. if everying on the K-3 is US there is nothing to report for foreign puposes but if you are worried then complete the k-3.
Although the IRS has not offered any specific guidance on ADRs – American Deposit Receipts, as they are foreign stocks whose shares are held by a U.S. bank – ADRs are not assets that must be reported on an 8938. The focus of the assets that must be reported are foreign assets that are beyond the control of an institution with U.S. ties.
from my checking, it seems completing form k-3 is a waste of time if there is all the income is US sourced because nothing shows up in the tax return. US income doesn't help in the amount of FTC allowed.
