"Election To Claim the Foreign Tax Credit Without Filing Form 1116
"You may be able to, claim the foreign tax credit without filing Form lll6. By making this election, the foreign tax credit limitation (lines 14 through 20 of the form) will not apply to you.This election is available only if you meet all of the following conditions:
• All of your foreign source gross income was 'passive category income' (which includes most interest and dividends) (see page 3 [of Instructions for Form 1116]). However, for this purpose, passive income also includes (a) income subject to the special rule for high-taxed income described on page 3, and (b) certain export financing interest.
• All the income and any foreign taxes paid on it were reported to you on a qualified payee statement. Qualified payee statements include Form 1099-DIV1 Form 1099-INT, Schedule K-1 (Form 1041), Schedule K-1 (Form 1065) Schedule K-1 (Form 1065-B) Schedule K-1 (Form 1120S), or similar substitute statements.
• Your total creditable foreign taxes are not more than $300 ($600 if married filing a joint return)."

It is sometimes more advantageous to take a deduction for foreign taxes than a credit. Not common, but it happens, especially when the Swiss tax is based on imputed income rather than real cash income. And when the characterization of the tax may differ as between the two tax systems. Wealth tax is not creditable with Form 1116: Rev. Rul. 70-464 (Swiss wealth tax) citing Lynch v. Turrish, 247 U.S. 221 (1918).