List Two Ways That Part Tolerances May Be Given

question 13

Essay

List two ways that part tolerances may be given.

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Definitions:

Nonrefundable Credit

A tax credit that can only reduce a taxpayer’s liability to zero, but unlike refundable credits, any excess is not paid out to the taxpayer.

Adoption Credit

A tax benefit offered to taxpayers to offset some costs of legally adopting a child, which can reduce tax liability.

Foreign Tax Credit

A non-refundable tax credit for income taxes paid to a foreign country, aimed at reducing double taxation of the same income.

Born In

Generally refers to the place or country where an individual was born.