Identify Which of the Following Statements Is True

question 39

Multiple Choice

Identify which of the following statements is true.

• A)The minimum tax credit carries forward indefinitely and offsets regular tax liabilities in future years.
• B)The minimum tax credit available for a corporation's alternative minimum tax liability can be carried over for five years.
• C)The general business credit is permitted to offset 100% of the larger of (1)a corporation's regular tax amount,or (2)its tentative minimum tax amount.
• D)All of the above are false.

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Definitions:

Rule Of Four

A practice by the U.S. Supreme Court whereby at least four justices must agree to grant a petition for review before a case can be heard, ensuring that minority interests can be considered.

Solicitor General

A legal officer appointed to represent the government in court, especially in the United States, tasked with arguing before the Supreme Court.

Unanimous Consent

An agreement by all members present in a legislative body to set aside formal rules and expedite proceedings.