Foreign-Source Losses Within a Separate Limitation Basket Are Allocated Directly

question 98

True/False

Foreign-source losses within a separate limitation basket are allocated directly against U.S.-source income without regard to income in other separate limitation baskets.

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Definitions:

Social Darwinist

A belief system that applies Darwin's theory of natural selection to society, suggesting that humans compete in a struggle for existence in which only the fittest survive.

Dawes Act

A 1887 U.S. law aimed at assimilating Native Americans into American society by distributing tribal lands to individual members.