In a Given Year, the U

question 12

Multiple Choice

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

• A)The overall limitation is limited to the amount of tax due on the foreign-source income.
• B)The overall limitation is limited to the amount of tax actually paid during the tax year on the foreign-source income.
• C)The overall limitation is limited to the amount of tax that would have been due on the foreign-source income if it had been earned in the United States.
• D)None of the above