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

Name: 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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This is true according to the Internal Revenue Service (IRS) regulations. A taxpayer can choose to either take a foreign tax credit or deduct the foreign taxes paid or accrued from their taxable income. However, there are specific rules and limitations that apply to each option.

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