Ireland imposes a tax on the net market value (less certain deductions) of the taxable assets of those individuals residing in Ireland. Although she is a U. S. citizen, Katherine has been residing in Ireland for the past five years. She owns property located in Ireland and property located in the United States. Much of her property consists of stocks and bonds, but she also has large holdings of land in both countries. Does this Irish tax qualify for the foreign tax credit and/ or as a deduction for U. S. tax purposes?