Which of the following is a specific separate income "basket" for purposes of the foreign tax credit limitation calculation?

Question

Quizplus · Accepted Answer

Passive income is a specific separate income "basket" for purposes of the foreign tax credit limitation calculation. The other choices, intangibles income and business income, are not separate FTC limitation baskets. Option D (None of the above are separate FTC limitation baskets) and E (All of the above are separate FTC limitation baskets) are both incorrect.

Which of the Following Is a Specific Separate Income "Basket