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Q. Show the Foreign Tax Credit?
Foreign Tax Credit - A U.S. taxpayer who pays or accrues income tax to a foreign country may elect to credit or deduct these taxes in a determinable us dollar amount. This is generally done on the annual individual tax return and there is specific form provided for this.
how do you figure out to do adjustments
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Are revenue and expense accounts permanent accounts and should not be closed at the end of the accounting period?
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