Select the best answer. In regard to the Foreign Tax Credit carryover or carryba

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Select the best answer. In regard to the Foreign Tax Credit carryover or carryback, which of the following is false? The Foreign Tax Credit limitation prevents foreign taxes from being used as a credit against U.S. tax on U.S. source income. A. The limitation is determined by multiplying U.S. income before credits by a portion of total o B. taxable income. come on Form 1116 C. The limitation is determined by aggregating each category of foreign in If the foreign taxes available for credit in any category exceed the limit for that category, the excess may be carried back one year, and then carried forward 10 years. D. Submit Answers

Explanation / Answer

C. The limitation is determined by aggregating each category of goreign income on Form 1116.

This statement is false because the limitation of the foreign tax credit is determined by multiplying U.S income before credit by a portion of total taxable liability

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Select the best answer. In regard to the Foreign Tax Credit carryover or carryba

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