Which tax rule applies to an excess foreign tax credit (FTC) that arises in 2023? Multiple Choice O O The excess FTC is carried forward 10 years, with no carryback allowed. The excess FTC is first carried back to 2021, then 2022, and any excess is carried forward for 20 years. The excess FTC is first carried back to 2020, then 2021, then 2022, and any excess is carried forward for five years. The excess FTC is first carried back to 2022 and any excess is carried forward for 10 years.

Which tax rule applies to an excess foreign tax credit (FTC) that arises in 2023? Multiple Choice The excess FTC is carried forward 10 years, with no carryback allowed The excess FTC is first carried back to 2021, then 2022 , and any excess is carried forward for 20 years. The excess FTC is first carried back to 2020, then 2021, then 2022, and any excess is carried forward for five years The excess FTC is first carried back to 2022 and any excess is corried forward for 10 yeors