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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
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.
c. Both refundable and nonrefundable tax credits can reduce the tax on taxable income to zero.
d. All of the above are correct.
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