Which of the Following Tax Rules Applies to an Excess

question 30

Multiple Choice

Which of the following tax rules applies to an excess foreign tax credit (FTC) that arises in 2014?

• A) The excess FTC is first carried back to 2013 and any excess is carried forward for 10 years.
• B) The excess FTC is first carried back to 2012, then 2013, and any excess is carried forward for 20 years.
• C) The excess FTC is first carried back to 2011, then 2012, then 2013, and any excess is carried forward for 5 years.
• D) The excess FTC is carried forward 10 years, with no carryback allowed.

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Definitions:

Optimal Interstimulus Intervals

The ideal time gap between consecutive stimuli that maximizes learning or the effectiveness of a response.

Reflex System

A biological system that enables organisms to respond automatically to specific stimuli without conscious thought.

CS

stands for Conditioned Stimulus, an originally neutral stimulus that, after association with an unconditioned stimulus, comes to trigger a conditioned response.