S. taxpayer can make an annual election to take a credit or a deduction for foreign income taxes paid.

Name: S. taxpayer can make an annual election to take a credit or a deduction for foreign income taxes paid.
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This is true as per the rules of the Internal Revenue Service (IRS). Taxpayers can either claim a foreign tax credit for the foreign taxes paid or deduct them as an itemized deduction on Schedule A of their tax return. However, they cannot do both for the same income.

S Taxpayer Can Make an Annual Election to Take a Credit