Nonrefundable Tax Credits

question 106

Multiple Choice

Nonrefundable tax credits

• A)only offset a taxpayer's tax liability in the current year.
• B)may only be used if the taxpayer is receiving a refund.
• C)can be carried back tone year and carried forward 15 years if they exceed tax liability in the current year.
• D)allow the excess over the taxpayer's tax liability to be paid to the taxpayer.

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Definitions:

Discontinuous Innovation

A breakthrough product or service that creates a completely new market or drastically changes both the existing market and consumer habits.

Market Modification

The process of changing a market’s dynamics, including product offerings, pricing strategies, and customer engagement to achieve better performance or competitive advantage.

Product Repositioning

The strategic process of changing a product's place in the market by altering its image, target audience, or distinct features.

Trialability

A characteristic of a product or service that allows potential consumers to experiment with it on a limited basis before making a purchase decision.