The foreign tax credit is available only for foreign income, excise, value-added, sales, property and transfer taxes.

Question

Quizplus · Accepted Answer

The foreign tax credit is generally available for income, war profits, and excess profits taxes paid or accrued during the taxable year to any foreign country or U.S. possession, but not for other types of taxes such as excise, value-added, sales, property, or transfer taxes.

The Foreign Tax Credit Is Available Only for Foreign Income