In 2014, Stuart earns $275,000 of income in Country K and incurs $23,000 of employment-related expenses in

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In 2014, Stuart earns $275,000 of income in Country K and incurs $23,000 of employment-related expenses in that country. The employment related expenses are subject to the 2% of AGI floor for miscellaneous itemized deductions. Stuart incurs no other miscellaneous itemized deductions. Stuart also incurs and pays $43,805 of Country K income taxes in the current year. Determine the following amounts for Stuart: Foreign-earned income exclusion, allowable deduction for employment-related expenses, and allowable foreign tax credit?

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Federal Taxation 2015 Corporations Partnerships Estates & Trusts

ISBN: 9780133822144

28th Edition

Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson

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