Which of the following is one of the two foreign tax credit limitation categories for taxable...
Homework Answers
D) Passive Category Income
I. Pre - 2007 taxable years:
The Foreign tax credit limitation applied separately to the following categories:
1. Passive Income
2. High withholding tax interest
3. Financial Service Income
4. Shipping Income
5. Certain Dividends from a DISC or former DISC
6. Taxable Income attributable to certain foreign trade income
7. Certain distributions from DISC or former DISC
8. any other Income
II. However taxable years beginning after December 31, 2006:
The foreign tax credit limitation categories are classified into 2 categories:
1. Passive Category Income
2. General Category Income
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E19-1.
(One Temporary Difference, Future Taxable Amounts, One Rate, No
Beginning Deferred Taxes)
2
5
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Instructions
(a)
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