Question 1

Match the definition with the correct term. Not all of the terms have a match. A definition can be used more than once.
a.Indirect credit
b.Direct credit
c.One
d.Two
e.Ten
f.Twenty
g.Gross-up (§ 78)
h.Overall foreign loss
-A deemed paid foreign tax credit is included in gross income.

Accepted Answer

The answer of Match the definition with the correct term....

Question 2

Match the definition with the correct term.
a.Expatriate
b.Resident
c.Nonresident alien
d.U.S. trade or business
e.Branch profits tax
f.Effectively connected income
-Income of foreign person taxed through filing of a U.S.tax return with deductions allowed against gross income.

Accepted Answer

Effectively connected income (ECI) refers to the income of a foreign person that is connected with the conduct of a trade or business in the United States. Such income is taxed on a net basis, meaning deductions are allowed against gross income, through the filing of a U.S. tax return.

Question 3

Match the definition with the correct term. Not all of the terms have a match. A definition can be used more than once.
a.Indirect credit
b.Direct credit
c.One
d.Two
e.Ten
f.Twenty
g.Gross-up (§ 78)
h.Overall foreign loss
-Maximum years for a foreign tax credit carryback.

Accepted Answer

The answer of Match the definition with the correct term....

Question 4

Match the definition with the correct term.
a.Expatriate
b.Resident
c.Nonresident alien
d.U.S. trade or business
e.Branch profits tax
f.Effectively connected income
-Rule that requires determination of the dividend equivalent amount.

Accepted Answer

The answer of Match the definition with the correct term.
a.Expatriate
b.Resident
c.Nonresident...

Question 5

Match the definition with the correct term.
a.Expatriate
b.Resident
c.Nonresident alien
d.U.S. trade or business
e.Branch profits tax
f.Effectively connected income
-Activity that creates the potential for effectively connected income.

Accepted Answer

U.S. trade or business activity creates the potential for income to be considered effectively connected income, which is significant for tax purposes for nonresident aliens and foreign corporations engaged in trade or business within the U.S.

Question 6

Match the definition with the correct term. Not all of the terms have a match. A definition can be used more than once.
a.Indirect credit
b.Direct credit
c.One
d.Two
e.Ten
f.Twenty
g.Gross-up (§ 78)
h.Overall foreign loss
-Ownership percentage required before a deemed paid foreign tax credit is allowed.

Accepted Answer

The answer of Match the definition with the correct term....

Question 7

Match the definition with the correct term. Not all of the terms have a match. A definition can be used more than once.
a.Indirect credit
b.Direct credit
c.One
d.Two
e.Ten
f.Twenty
g.Gross-up (§ 78)
h.Overall foreign loss
-A net loss in all foreign tax credit limitation baskets.

Accepted Answer

The answer of Match the definition with the correct term....

Question 8

Match the definition with the correct term. Not all of the terms have a match. A definition can be used more than once.
a.Indirect credit
b.Direct credit
c.One
d.Two
e.Ten
f.Twenty
g.Gross-up (§ 78)
h.Overall foreign loss
-Foreign tax credit allowed when a foreign corporation makes a distribution to its parent corporation.

Accepted Answer

The answer of Match the definition with the correct term....

Question 9

Match the definition with the correct term. Not all of the terms have a match. A definition can be used more than once.
a.Indirect credit
b.Direct credit
c.One
d.Two
e.Ten
f.Twenty
g.Gross-up (§ 78)
h.Overall foreign loss
-Maximum years for a foreign tax credit carryforward.

Accepted Answer

The answer of Match the definition with the correct term....

Question 10

Match the definition with the correct term.
a.Expatriate
b.Resident
c.Nonresident alien
d.U.S. trade or business
e.Branch profits tax
f.Effectively connected income
-A non-U.S.citizen who holds a "green card."

Accepted Answer

A "green card" holder is considered a resident alien for tax purposes in the United States, not an expatriate, nonresident alien, U.S. trade or business, or effectively connected income. This status allows them to live and work permanently in the U.S.

Question 11

Match the definition with the correct term.
a.Expatriate
b.Resident
c.Nonresident alien
d.U.S. trade or business
e.Branch profits tax
f.Effectively connected income
-An individual who gives up U.S.citizenship to avoid U.S.income taxes.

Accepted Answer

An expatriate is someone who renounces their citizenship, and in this context, it specifically refers to an individual giving up U.S. citizenship, potentially to avoid U.S. income taxes.

Question 12

Match the definition with the correct term. Not all of the terms have a match. A definition can be used more than once.
a.Indirect credit
b.Direct credit
c.One
d.Two
e.Ten
f.Twenty
g.Gross-up (§ 78)
h.Overall foreign loss
-Number of foreign tax credit limitation baskets.

Accepted Answer

The answer of Match the definition with the correct term....

Question 13

Match the definition with the correct term.
a.Expatriate
b.Resident
c.Nonresident alien
d.U.S. trade or business
e.Branch profits tax
f.Effectively connected income
-Individual who is not a U.S.citizen or resident.

Accepted Answer

A nonresident alien is the correct term for an individual who is not a U.S. citizen or resident. This term is used in tax contexts to refer to individuals who have not passed the green card test or the substantial presence test, and thus are not considered residents for tax purposes.

Quiz 25: Taxation of International Transactions

Match the definition with the correct term. Not all of the terms have a match. A definition can be used more than once. a.Indirect credit b.Direct credit c.One d.Two e.Ten f.Twenty g.Gross-up (§ 78) h.Overall foreign loss -A deemed paid foreign tax credit is included in gross income.

Match the definition with the correct term. a.Expatriate b.Resident c.Nonresident alien d.U.S. trade or business e.Branch profits tax f.Effectively connected income -Income of foreign person taxed through filing of a U.S.tax return with deductions allowed against gross income.

Match the definition with the correct term. Not all of the terms have a match. A definition can be used more than once. a.Indirect credit b.Direct credit c.One d.Two e.Ten f.Twenty g.Gross-up (§ 78) h.Overall foreign loss -Maximum years for a foreign tax credit carryback.

Match the definition with the correct term. a.Expatriate b.Resident c.Nonresident alien d.U.S. trade or business e.Branch profits tax f.Effectively connected income -Rule that requires determination of the dividend equivalent amount.

Match the definition with the correct term. a.Expatriate b.Resident c.Nonresident alien d.U.S. trade or business e.Branch profits tax f.Effectively connected income -Activity that creates the potential for effectively connected income.

Match the definition with the correct term. Not all of the terms have a match. A definition can be used more than once. a.Indirect credit b.Direct credit c.One d.Two e.Ten f.Twenty g.Gross-up (§ 78) h.Overall foreign loss -A net loss in all foreign tax credit limitation baskets.

Match the definition with the correct term. Not all of the terms have a match. A definition can be used more than once. a.Indirect credit b.Direct credit c.One d.Two e.Ten f.Twenty g.Gross-up (§ 78) h.Overall foreign loss -Maximum years for a foreign tax credit carryforward.

Match the definition with the correct term. a.Expatriate b.Resident c.Nonresident alien d.U.S. trade or business e.Branch profits tax f.Effectively connected income -A non-U.S.citizen who holds a "green card."

Match the definition with the correct term. a.Expatriate b.Resident c.Nonresident alien d.U.S. trade or business e.Branch profits tax f.Effectively connected income -An individual who gives up U.S.citizenship to avoid U.S.income taxes.

Match the definition with the correct term. Not all of the terms have a match. A definition can be used more than once. a.Indirect credit b.Direct credit c.One d.Two e.Ten f.Twenty g.Gross-up (§ 78) h.Overall foreign loss -Number of foreign tax credit limitation baskets.

Match the definition with the correct term. a.Expatriate b.Resident c.Nonresident alien d.U.S. trade or business e.Branch profits tax f.Effectively connected income -Individual who is not a U.S.citizen or resident.