US Citizen Patrick Is a Bona Fide Resident of a Foreign

question 86

Multiple Choice

U.S. citizen Patrick is a bona fide resident of a foreign country for all of the current year. Patrick uses a calendar year as his tax year. He has $100,000 of self- employment income and incurs $20,000 in housing expenses. The base housing cost amount is $16,624. The deduction for housing expenses is

• A) $16,624 for AGI.
• B) $6,816 from AGI.
• C) $16,624 from AGI.
• D) $3,376 for AGI.

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Definitions:

Tuition Rates

The cost of attending a post-secondary educational institution, including fees for courses, which can vary widely between institutions and countries.

Postsecondary Students

Individuals engaged in education beyond the high school level, including vocational training, college, and university programs.

Canadian

Pertaining to Canada or its people, culture, and characteristics.

Credential Inflation

Occurs when, over time, qualifying for specific jobs requires ever more certificates or degrees.