1. Which of the following is a specific separate income basket for purposes of the foreign tax credit limitation calculation?

a. certain intangible income

b. portfolio income

c. business income

d. all of these are separate FTC limitation baskets

2. The individual seller of shares of stock in Facebook is liable for sales tax on the transaction.

a. true

b. false

3. GILTI is a tax assessed on a controlled foreign corporation on tested earnings in excess of a 10% return on its tangible assets.

a. true

b. false