Which of the following statements is CORRECT regarding the U.S. foreign tax credit?
A) The credit is unlimited and is allowed for the full amount of foreign taxes.
B) The credit is limited to the amount of U.S. taxes that would be due on the income.
C) The credit is only allowed for taxes paid in countries which have a tax treaty with the U.S.
D) None of the above statements is correct.
Correct Answer:
Verified
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