Identify Which of the Following Statements Is True

question 56

Multiple Choice

Identify which of the following statements is true.

• A)Foreign taxes paid in excess of the foreign tax credit limitation can be carried back to the previous three tax years and then carried over to the succeeding five tax years.
• B)When a taxpayer reports excess foreign tax credits in more than one year, the excess credits are used in a last-in-first-out (LIFO)manner.
• C)Dividends generally are considered to be earned in the distributing corporation's country of incorporation.
• D)All of the above are false.

---

Definitions:

Deceptive Claim

A false or misleading statement made about a product or service, often used in advertising or sales to induce consumers to buy.

Advertisement

A notice or announcement in a public medium promoting a product, service, or event.

Federal Law

Laws passed by the national government of the United States, which are applicable throughout the country, as opposed to laws passed by state or local governments.

Funeral Services

Professional services offered by funeral homes and directors that involve the preparation, management, and conduct of a funeral.