Statute Of Limitations Can Trip Up Foreign Tax Credit Bids


Kirsten Hazel told a Tax Executives Institute conference that overlapping statutes and laws can make it difficult to determine when the foreign tax credit’s 10-year statute of limitations begins or when it should apply instead of an alternate three-year period. “The best guidance is to make sure you’re tracking the limitations period … so you don’t run into a spot where you’re thinking you have 10 years, and you had three years,” Ms. Hazel said.