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Suppose that the exchange rate is 10 Moroccan dirhams per Canadian dollar. Also suppose that you can buy a crate of oranges for 300 dirhams in the Moroccan capital of Rabat and can buy a similar crate of oranges in Ottawa for $35. Which statement is consistent with these facts?
Passive Income
Income earned from rental property, limited partnerships, or other enterprises in which a person is not actively involved.
Foreign Tax Credit
A nonrefundable tax credit for income taxes paid to a foreign government as a result of foreign income tax withholdings.
Taxable Income
The portion of an individual's or a corporation's income that is subject to taxation by the government after deductions and exemptions.
Foreign Income Taxes
Taxes levied by a foreign country on income earned within its jurisdiction, which can sometimes be credited against domestic taxes in the taxpayer's home country.
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