Which of the following is a specific separate income "basket" for purposes of the foreign tax credit limitation calculation?
a. Intangibles income.
b. Passive income.
c. Business income.
d. None of the above are separate FTC limitation baskets.
e. All of the above are separate FTC limitation baskets.
b
RATIONALE: Section 904(d) lists several specific categories of income for which the foreign tax credit limitation must be separately determined. Only two baskets exist. These include passive income and general limitation income.
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