With Respect to Foreign Business Tax Credits for Corporations, Which

With respect to foreign business tax credits for corporations, which of the following state- ments is not correct?

A) If the credit cannot be used during the current period, it can be carried back three years and forward ten years.
B) In the formula that limits this credit, the Tax Otherwise Payable is reduced by the fed- eral tax abatement.
C) In the formula that limits this credit, the Tax Otherwise Payable is reduced by the gen- eral rate reduction.
D) In the formula that limits this credit, the Adjusted Division B Income is reduced by div- idends that are deducted in the determination of Taxable Income.
TIF PROBLEM TWELVE - 4
Taxable Income And Tax Payable For Corporations - Exam Exercises