An individual taxpayer who is self-employed and an active investor has qualified for foreign tax credits, nonrefundable personal tax credits and general business credits. Because he knows there are differing limitations on the application of these credits, with resulting interrelated aspects, he wants to know the appropriate order for their application. The appropriate order of the application of these three classes of tax credits is as follow:
A. (1) general business credits; (2) foreign tax credits; (3) nonrefundable personal tax credits.
B. (1) nonrefundable personal tax credits; (2) foreign tax credits; (3) general business credits.
C. (1) foreign tax credits; (2) general business credits; (3) nonrefundable personal tax credits.
D. (1) foreign tax credits; (2) nonrefundable personal tax credits; (3) general business credits.
Answer: B
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