What is the main advantage of the American Jobs Creation Act of 2004 over the Tax Reform Act of 1986 relative to FTC baskets?
A) A newer tax act is always more advantageous.
B) It has much fewer baskets and, as a result, more chance that a company won't have excess unused FTCs.
C) There is no advantage, as excess FTC's from one basket still can't be used to offset tax in another basket.
D) The carryforward period for excess FTC's was extended.
Correct Answer:
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