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With Respect to the Foreign Non-Business Income Tax Credit and the Foreign

Question 63

Multiple Choice

With respect to the Foreign Non-Business Income Tax Credit and the Foreign Business Income Tax Credit for individuals, which of the following statements is correct?

A) The Foreign Business Income Tax Credit is limited to 15% of the foreign business income.
B) The Foreign Non-Business Income Tax Credit is limited to 15% of the foreign non-business income.
C) The Foreign Business Income Tax Credit cannot exceed tax otherwise payable for the year.
D) Any unused Foreign Non-Business Income Tax Credit can be carried forward for 10 years and carried back 3 years.

Correct Answer: