____ Are an Amount Specified in the Contract to Be

question 227

Multiple Choice

____ are an amount specified in the contract to be paid in the event of breach.

• A) Compensatory damages
• B) Liquidated damages
• C) Real damages
• D) Predetermined damages
• E) Nominal damages

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Definitions:

American Opportunity Tax Credit

A credit for qualified education expenses paid for an eligible student for the first four years of higher education, aimed at making college more affordable.

Lifetime Learning Credit

A tax credit available to U.S. taxpayers to offset the costs of post-secondary education for themselves, their spouse, or dependents.

Form 1116

Form 1116 is used by taxpayers to claim the Foreign Tax Credit, which is a credit for income taxes paid to a foreign country, reducing the U.S. tax liability on foreign income.

Foreign Tax Credit

A tax credit that allows taxpayers to offset income taxes paid to foreign governments against their U.S. tax liabilities, to avoid double taxation of the same income.