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7 All of the following statements regarding tax credits are correct EXCEPT: a. A tax credit is an amount that is subtracted from the calculated

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7 All of the following statements regarding tax credits are correct EXCEPT: a. A tax credit is an amount that is subtracted from the calculated tax. b. The foreign tax credit is an example of a nonrefundable tax credit. Both refundable and nonrefundable tax credits can reduce the tax on taxable income to zero. d. The benefit received by a taxpayer from a tax credit is dependent upon her marginal tax bracket. C. g

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