Which of the following statements regarding the tax treatment of losses is false? A) Losses of a business organized as an S corporation are deductible by the shareholders, potentially generating immediate tax savings. B) Losses of a business organized as an S corporation create Net Operating Loss carryforwards, deductible in future years when the business generates a profit. C) Losses of a business organized as a C corporation create Net Operating Loss carryforwards, deductible in future years when the business generates a profit. D) Losses of a business organized as a partnership are deductible by the partners, potentially generating immediate tax savings. Global Corporation, a U.S. multinational, began operations this year. Global had pretax U.S. source income and foreign source income as follows: US Source Taxable Income $700,000 Foreign Source Taxable Income-Country X 100,000 Total $800,000 Global paid $15,000 income tax to Country X. What is Global's U.S. tax liability if it takes the foreign tax credit? A) $238,000 B) $147,000 C) $153,000 D) $168,000