@will1ellen agreeing with @JoannaB2 about the treatment of assets, just wanted to point out that as far as foreign tax credit goes --- 1. the total foreign taxes paid on income is recognized dollar for dollar; 2. the allowable foreign tax credit for the tax year under question is based on a ratio of US tax on foreign income to that on world income ; 3. unallowed foreign tax credit is eligible for carry back one year and carry forward for 10 years ( as long as there is foreign source taxable income in that year ). TurboTax and form 1116 does this work for you.
