Which of the Following Is Not a Specific Separate Income

question 67

Multiple Choice

Which of the following is not a specific separate income category for purposes of the foreign tax credit limitation calculation after 2006?

• A)High withholding tax interest income.
• B)Passive income.
• C)General limitation income.
• D)None are separate limitation categories after 2006.
• E)All are separate limitation categories after 2006.

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Definitions:

Outstanding

An adjective describing something that is still in progress, unsettled, not yet resolved, or in the case of financials, amounts owed that have not yet been paid.

Shares Issued

The total number of shares that a corporation has legally sold to shareholders, including those held by the public and by the company.

Preferred Stock

A class of ownership in a corporation with a higher claim on assets and earnings than common stock, usually with fixed dividends.

Net Income

The total profit or loss of a business after all expenses, including taxes and operating costs, have been deducted from total revenue.