Thanks Dave.
I think that makes sense. To explicitly double check my understanding here: the way this is supposed to work is that foreign tax credits only can offset future _foreign_ taxes, not just future taxes in general? (Thus, this is a different type of credit from a "normal" one, for example, an EIT or child tax credit that applies more directly to one's tax liability.)
Assuming that's the case, this now all makes sense now!
(Glad I'm an engineer and not a tax professional! Calculus and thermodynamics I can handle - this stuff confuses me to no end! 🙂
