Multiple Choice
Which of the following tax rules applies to an excess foreign tax credit (FTC) that arises in 2014?
A) The excess FTC is first carried back to 2013 and any excess is carried forward for 10 years.
B) The excess FTC is first carried back to 2012, then 2013, and any excess is carried forward for 20 years.
C) The excess FTC is first carried back to 2011, then 2012, then 2013, and any excess is carried forward for 5 years.
D) The excess FTC is carried forward 10 years, with no carryback allowed.
Correct Answer:
Verified
Correct Answer:
Verified
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