Which tax rule applies to an excess foreign tax credit (FTC) that arises in 2021? Multiple Choice a.
Which tax rule applies to an excess foreign tax credit (FTC) that arises in 2021? Multiple Choice a. The excess FTC is first carried back to 2018, then 2019, then 2020, and any excess is carried forward for five years. b. The excess FTC is first carried back to 2019, then 2020, and any excess is carried forward for 20 years. c. The excess FTC is carried forward 10 years, with no carryback allowed. d. The excess FTC is first carried back to 2020 and any excess is carried forward for 10 years. May 16 2022 03:13 PM
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