Current Year Foreign Taxes Paid Exceed the Ceiling Based on U.S

question 1952

Multiple Choice

Current year foreign taxes paid exceed the ceiling based on U.S. tax attributable to foreign source income. These excess foreign tax credits

• A) can be carried forward ten years only.
• B) are lost.
• C) can be carried back one year and then carried forward twenty years.
• D) can be carried back one year and then carried forward ten years.

---

Definitions:

Presence

The state or fact of existing, occurring, or being present in a place or thing.

Knowledge Management

The process of creating, sharing, using, and managing the knowledge and information of an organization.

Disseminating

The act of spreading information, ideas, or products widely to ensure they reach a broad audience.

General Public

The broad population or society at large, often referred to in the context of public opinion or the target audience for mass media.