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.

---

Definitions:

Individualistic

pertains to the principle or habit of being self-reliant and valuing personal independence and individuality over collective action or identity.

African American Woman

A female individual of African descent living in or originating from the United States, often dealing with unique cultural and societal experiences.

European American Man

Refers to an individual male residing in the United States who is of European descent or identifies with European cultural heritage.

Artistic Excellence

The highest standard of creative achievement, as judged by recognized experts, demonstrating outstanding skill, originality, and innovation in a particular artistic domain.