Answer the following statements true (T) or false (F)
1. U.S. citizens, resident aliens, and domestic corporations are taxed by the U.S. government on their worldwide income at regular U.S. tax rates.
2. If foreign taxes on foreign income exceed U.S. taxes on foreign income, the excess foreign taxes are credited against U.S. taxes in the current year.
3. Income derived from the sale of merchandise inventory (i.e., final goods purchased for resale) are sourced in the country where the sale occurs.
4. Excess foreign tax credits can be carried back one year and forward five years.
1. TRUE
2. FALSE
3. TRUE
4. FALSE
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