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.

Question

Quizplus · Accepted Answer

The excess foreign tax credit from one subsidiary can be cross-credited against any other subsidiary's foreign tax liability, regardless of the country where the subsidiary is located.

If a US Multinational Remits Profits from Two Different Countries (Subsidiaries) Back