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

Question 1607

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.

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