Foreign Taxes Accrued on Dividends Cannot Be Claimed as a Business

question 29

True/False

Foreign taxes accrued on dividends cannot be claimed as a business deduction or a tax credit by a U.S.corporation.

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Definitions:

General Journal

A primary accounting record used to document all business transactions in chronological order.

Error In Billing

Mistakes or inaccuracies in the amount charged on an invoice or billing statement.

Services Rendered

The provision of services to a customer or client, which can be invoiced once the service has been completed.

Subsidiary Ledger

A detailed ledger that contains all the transaction details of a specific account, which rolls up into the general ledger.