In Lieu of a Foreign Tax Credit,a Taxpayer May Elect

question 58

True/False

In lieu of a foreign tax credit,a taxpayer may elect to take a deduction for foreign taxes paid or accrued.

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Definitions:

Contamination

The presence of unwanted or harmful substances in something else, making it impure or unsafe.

Common Law

A legal system based on judicial decisions and precedents rather than statutory laws.

Visible Nuisance

An objectionable or annoying condition that can be seen, affecting the use or enjoyment of property.

Due Diligence

The obligation on the directors of a corporation to ensure that effective systems are in place to comply with legislation, and to monitor the systems to ensure compliance.