U.S.taxpayers may take a current FTC equal to the lesser of the FTC limit or the actual foreign taxes (direct or indirect).

Name: U.S.taxpayers may take a current FTC equal to the lesser of the FTC limit or the actual foreign taxes (direct or indirect).
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Question

Quizplus · Accepted Answer

This statement is true. U.S. taxpayers may take a current Foreign Tax Credit (FTC) equal to the lesser of the FTC limit or the actual foreign taxes (direct or indirect) paid or accrued during the taxable year.

USTaxpayers May Take a Current FTC Equal to the Lesser