In a Given Year,the U

question 50

Multiple Choice

In a given year,the U.S.IRS places an overall limitation applied to foreign tax credits.

• A)The maximum tax credit is figured on world-wide foreign-source income; losses in one country can offset profits in another.
• B)Value-added taxes paid cannot be included in determining the amount of the foreign tax credit.
• C)The overall limitation is limited to the amount of tax that would be due on the foreign-source income if it had been earned in the United States.
• D)all of the options

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