Current Year Foreign Taxes Paid Exceed the Ceiling Based on U.S.tax

question 5

Multiple Choice

Current year foreign taxes paid exceed the ceiling based on U.S.tax attributable to foreign source income.These excess foreign tax credits

• A)are lost.
• B)can be carried forward ten years only.
• C)can be carried back one year and then carried forward ten years.
• D)can be carried back one year and then carried forward twenty years.

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Definitions:

Loggerhead Turtles

A species of marine turtle known for its large head, named Caretta caretta, facing threats from habitat loss, bycatch, and climate change.

U.S. Shrimp Trawling

U.S. shrimp trawling refers to the fishing method in the United States that involves dragging a trawl net through the water, primarily on the ocean floor, to catch shrimp, often criticized for its environmental impact.

Turtle Exclusion Devices

Devices used in fishing equipment to prevent sea turtles from getting caught in nets, thereby reducing turtle mortality in fisheries.

Long Lining

A commercial fishing technique that uses a long line, often kilometers in length, with baited hooks spaced at intervals to catch fish or other marine animals.