In a given year,the U.S.IRS places an overall limitation applied to foreign tax credits.
A) The maximum tax credit is figured on world-wide foreign-source income; losses in one country can offset profits in another.
B) Value-added taxes paid cannot be included in determining the amount of the foreign tax credit.
C) The overall limitation is limited to the amount of tax that would be due on the foreign-source income if it had been earned in the United States.
D) all of the options
Correct Answer:
Verified
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