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Unformatted text preview: duction or as a credit, at the option of the corporation.
May be claimed only as a deduction.
May be claimed only as a credit.
Do not qualify either as a deduction or as a credit. CPA-02232
Choice "a" is correct.
Rule: Foreign income taxes paid by a domestic corporation may be claimed either as a deduction or as a
credit, at the option of the corporation.
Choices "b", "c", and "d" are incorrect, per the above rule.
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Becker CPA Review, PassMaster Questions
Lecture: Regulation 3 CPA-02234 Type1 M/C 114. CPA-02234 A-D May 91 II #54 Corr Ans: D PM#20 R 3-99 Page 39 The following information pertains to Hull, Inc., a personal holding company, for the year ended
December 31, 1990:
Undistributed personal holding company income
Dividends paid during 1990
Consent dividends reported in the 1990 individual income tax returns of the
holders of Hull's common stock, b...
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This note was uploaded on 06/14/2013 for the course ACCOUNTING Regulation taught by Professor Becker during the Fall '10 term at Keller Graduate School of Management.
- Fall '10
- The Land