If There Is Not Enough Gross Tax Liability to Use

question 14

Multiple Choice

If there is not enough gross tax liability to use the foreign tax credit, ________.

• A) it expires unused
• B) it is carried back 2 years or forward 20 years
• C) it is carried back 3 years or forward 5 years
• D) it is carried back 1 year or forward 10 years

---

Definitions:

Economic Globalization

The process of increasing interdependence and interconnectedness of global economies through trade, investment, technology, and the flow of information and culture.

NAFTA

The North American Free Trade Agreement, an accord among the United States, Canada, and Mexico designed to remove tariff barriers between the three countries.

Yasir Arafat

A Palestinian political leader and Chairman of the Palestine Liberation Organization, known for his role in the Israeli-Palestinian conflict.

Yitzhak Rabin

The fifth Prime Minister of Israel, known for his efforts in the peace process with Palestine, including the signing of the Oslo Accords.