Difference between revisions of "History For This Federal Income Tax"

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Latest revision as of 05:37, 23 January 2025

A credit is allowed for foreign income taxes paid or accrued. The finance is limited for that part of Ough.S. tax due to foreign source income. It's not refundable, but any excess credit end up being the carried to other years to reduce tax.

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B) Interest earned, though paid, during a bond year, must be accrued at the end of the bond year and reported as taxable income for that calendar year in that this bond year ends.

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