Identify which of the following statements is true.
A) Foreign taxes paid in excess of the foreign tax credit limitation can be carried back to the previous three tax years and then carried over to the succeeding five tax years.
B) When a taxpayer reports excess foreign tax credits in more than one year, the excess credits are used in a last-in-first-out (LIFO) manner.
C) Dividends generally are considered to be earned in the distributing corporation's country of incorporation.
D) All of the above are false.
C) Dividends generally are considered to be earned in the distributing corporation's country of incorporation.
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