I'm not certain about the NCAA but in NFHS rules the timer has 1 second to react to the whistle and stop the clock. Therefore, if the official blows the whistle for a foul at 0.2 seconds left, the horn would likely sound to end the quarter. This is correct since it is within the 1 second reaction time. No time should be placed back on the clock. If this were the end of the 4th quarter then the foul shots would be taken ONLY if they would possibly make any difference in the final outcome. If it were the end of any other quarter, the shots would always be taken as part of that quarter. Remember that not all fouls are shooting fouls, especially early in each half.
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