Select the best answer When claiming a benefit for foreign taxes on the tax retu

ID: 2600977 • Letter: S

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Select the best answer When claiming a benefit for foreign taxes on the tax return, which of the following statements is false? If the Foreign Tax Credit exceeds the Foreign Tax Credit limitation, the unused portion may be carried to another tax year. A. O B. A taxpayer may choose to claim a credit for or to itemize foreign taxes on an annual basis A taxpayer may never claim both a credit and a deduction for foreign taxes on the same return C. D. Cenerally, tis more advantageous to take the Foreign Tax Credit than the itemized deduction for foreign taxes. Submit Answers

Explanation / Answer

Ans is C, A taxpayer may never claim both a credit and a deduction for foreign taxes on the same return.
Explanation: Taxpayer is allowed foreign tax credit for qualfying foreign taxes, and at the same time is allowed Itemized deduction for non-qualifying foreign taxes.

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Select the best answer When claiming a benefit for foreign taxes on the tax retu

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