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Accounting

Problem:

Jeremy, an American citizen, earned $200,000 during 2011 while employed in Saudi Arabia. Jeremy is entitled to the maximum foreign-earned income exclusion. Jeremy also incurred $40,000 of deductible expenses attributed to the foreign-earned income. Jeremy may deduct how much in expenses?

$-0-
$18,580
$21,420
$40,000

Note: Please explain comprehensively and give step by step solution.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91165519

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