Current year foreign taxes paid exceed the ceiling based on U.S.tax attributable to foreign source income.These excess foreign tax credits
A)are lost.
B)can be carried forward ten years only.
C)can be carried back one year and then carried forward ten years.
D)can be carried back one year and then carried forward twenty years.

Question

Quizplus · Accepted Answer

Excess foreign tax credits can be carried back one year and then carried forward ten years according to U.S. tax regulations.

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