In Lieu of a Foreign Tax Credit,a Taxpayer May Elect

question 58

True/False

In lieu of a foreign tax credit,a taxpayer may elect to take a deduction for foreign taxes paid or accrued.

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Definitions:

Extreme Form

A manifestation of a phenomenon or condition at its most intense or severe degree.

Socialism

An economic and political system where the production, distribution, and exchange of goods and services are regulated or owned by the community as a whole or the state.

Communism

A socio-political and economic ideology aiming for a classless society in which the means of production are owned communally, and private property is nonexistent or severely curtailed.

Manufacturing Economy

A system where a country's economy is heavily reliant on the production and export of manufactured goods.