As per U.S. corporate tax laws, which of the following statements is true of a company that is incorporated in the U.S. and has a branch in a foreign country?

Question

Quizplus · Accepted Answer

The U.S. tax system allows for a foreign tax credit to provide relief from double taxation. This means that a company incorporated in the U.S. that pays taxes on income earned in a foreign country can claim a credit for these taxes against their U.S. tax liability on the same income, to prevent being taxed twice on the same income.

As Per US Corporate Tax Laws, Which of the Following Statements Is