In a given year,the U.S.IRS places an overall limitation applied to foreign tax credits.
A) The overall limitation is limited to the amount of tax due on the foreign-source income.
B) The overall limitation is limited to the amount of tax actually paid during the tax year on the foreign-source income.
C) The overall limitation is limited to the amount of tax that would have been due on the foreign-source income if it had been earned in the United States.
D) none of the options
Correct Answer:
Verified
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