A taxpayer may make the election to either deduct or take a credit for foreign income taxes
A)annually.
B)once every five years.
C)only once, and the election applies to all future tax years.
D)No election is available.

Question

Quizplus · Accepted Answer

A taxpayer may make the election to either deduct or take a credit for foreign income taxes annually. This allows the taxpayer to choose the option that provides the greatest tax benefit based on their specific circumstances each year.

A Taxpayer May Make the Election to Either Deduct or Take