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6) The correct formula for computing the U.S. foreign tax credit limitation under Sec. 904(a) for each separate income category for the tax year ended
6) The correct formula for computing the U.S. foreign tax credit limitation under Sec. 904(a) for each separate income category for the tax year ended 12/31/2019 is; a. Total foreign source gross income U.S. tax before FTCS U.S. worldwide taxable income X on U.S. taxable income b. Separate category foreign source net income U.S. worldwide taxable income U.S. tax before FTCS on U.S. taxable income X C. Separate category foreign source gross income U.S. worldwide taxable income U.S. tax after FTCS on U.S. taxable income X d. Total foreign source net income U.S. worldwide taxable income Answer: U.S. tax after FTCS on U.S. taxable income x
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