Business, 21.11.2019 06:31, brapmaster764
Au. s. citizen accrued $120,000 of creditable foreign taxes last year. the citizen's foreign tax credit limitation for last year is $90,000 (only a single limitation need be calculated). the excess foreign tax credit limitation for the year preceding the year in which the excess foreign taxes were incurred is $2,000. a similar $2,000 excess foreign tax credit limitation position is expected in each of the next 10 years.
what portion of the excess foreign taxes can be expected to be noncreditable because of the foreign tax credit limitation?
a) $0
b) $2,000
c) $8,000
d) none of the above
Answers: 2
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Au. s. citizen accrued $120,000 of creditable foreign taxes last year. the citizen's foreign tax cre...
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