A Taxpayer Who Is a Bona Fide Resident of a Foreign

question 62

Multiple Choice

A taxpayer who is a bona fide resident of a foreign country for an entire tax year may:

• A) Exclude up to $103,900 of earned income from gross income.
• B) Take a foreign tax credit for foreign taxes paid on the foreign income.
• C) Take a deduction for foreign taxes paid on foreign income.
• D) Select any one of the above alternatives.

---

Definitions:

Market Development

Involves expanding the potential market through new users or new uses for a product, aiming at increasing the total market for the product.

Newly Developed Products

Refers to items that have been brought to the market recently, showcasing innovative features or advancements not previously seen.

Growth Strategy

A plan of action aimed at increasing the size and scope of a business, usually through expanding operations, entering new markets, or increasing market share.

Insurance Agent

A professional who sells, solicits, or negotiates insurance policies on behalf of an insurance company.