A Taxpayer May Make the Election to Either Deduct or Take

question 62

Multiple Choice

A taxpayer may make the election to either deduct or take a credit for foreign income taxes

• A)annually.
• B)once every five years.
• C)only once, and the election applies to all future tax years.
• D)No election is available.

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Definitions:

Deed

A deed is a legal document that represents the ownership and transfers the title of property from one party to another.

Proceeds

The amount of money received from a transaction or event, such as the sale of an asset or completion of a project.

Title Examination

The process of reviewing and verifying the legal ownership and conditions of a property before its sale.

Final Contract

The conclusive agreement between parties, binding them to its terms and signaling the end of negotiations.