If There Is Not Enough Gross Tax Liability to Use

question 141

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

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Definitions:

Magna Carta

A charter of liberties agreed to by King John of England in 1215, considered a foundational document establishing principles of legal authority and individual rights.

Liberties

The state in which one lives without facing harsh restrictions from those in authority on their personal behaviors, lifestyle, or political leanings.

Lords and Barons

Titles in nobility, historically associated with individuals who possess particular ranks in the feudal system, owning land and owing allegiance to a higher lord or the monarch.