If a US Multinational Remits Profits from Two Different Countries (Subsidiaries) Back

question 39

True/False

If a U.S. multinational remits profits from two different countries (subsidiaries) back to the parent company (U.S.), the excess foreign tax credit from one subsidiary can only be cross-credited against another subsidiary from the same country.

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Definitions:

Sedentary

Pertaining to sitting; inactivity.

Inactivity

A state of being not engaged in physical movement or exercise, often leading to decreased physical fitness.

Intermittent

Occurring at irregular intervals; not continuous or steady.

Morphology

A branch of biology dealing with the form and structure of organisms.