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:

Inner Conflicts

Psychological struggles within oneself that arise from opposing desires or impulses.

Maladaptive Behaviors

Actions or reactions that may provide short-term relief or escape from stress but ultimately lead to dysfunctional outcomes or interfere with normal living, well-being, or social interaction.

Unconditional Positive Regard

A caring, accepting, nonjudgmental attitude, which Carl Rogers believed would help people develop self-awareness and self-acceptance.

Operant Conditioning

A learning tactic where behavioral magnitude is conditioned by rewards or disciplinary actions.