Jeremy,an American Citizen,earned $200,000 During 2014 While Employed in Switzerland

question 103

Multiple Choice

Jeremy,an American citizen,earned $200,000 during 2014 while employed in Switzerland.Jeremy is entitled to the maximum foreign-earned income exclusion.Jeremy also incurred $40,000 of deductible expenses attributable to the foreign-earned income.Jeremy may deduct how much in expenses?

• A)$0
• B)$19,840
• C)$20,150
• D)$40,000

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Definitions:

Seed-stage

The initial phase of a startup's development, where the focus is on product development and market research, often funded by seed capital.

Startup

A newly established business, often in the technology sector, aimed at addressing a market need by developing a viable business model.

Valuing

The process of estimating the worth or value of a business, asset, or investment.

Nonprofit

Organizations that are dedicated to furthering a particular social cause or advocating for a shared point of view, without the goal of generating profit for owners or investors.