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:

Fovea

The central portion of the retina, where visual acuity (sharpness of vision) is highest.

Cones

Photoreceptor cells in the retina of the eye that function best in relatively bright light and enable the perception of color.

Light-sensitive

The characteristic of being responsive or sensitive to light, often referring to materials or biological entities that change in presence of light.

Receptor Cells

Specialized cells that convert external stimuli into electrical signals for the nervous system to process.