Which of the Following Tax Rules Applies to an Excess

question 32

Multiple Choice

Which of the following tax rules applies to an excess foreign tax credit (FTC) that arises in 2017?

• A) The excess FTC is carried forward 10 years, with no carryback allowed.
• B) The excess FTC is first carried back to 2016 and any excess is carried forward for 10 years.
• C) The excess FTC is first carried back to 2015, then 2016, and any excess is carried forward for 20 years.
• D) The excess FTC is first carried back to 2014, then 2015, then 2016, and any excess is carried forward for 5 years.

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Definitions:

Postoperative Wound Care

The management and treatment of surgical incisions and wounds to promote healing and prevent infection after surgery.

Dressing

A protective or therapeutic covering applied to a wound or an area of damaged skin.

Floater

A nonsterile assistant who is free to move about the room during surgery and attend to unsterile needs.

Reaction To The Anesthetic

A patient's physical or psychological response to anesthesia, which can range from mild side effects to severe allergic reactions.