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Revision as of 20:50, 10 May 2026

A credit is allowed for foreign income taxes paid or accrued. The money is limited compared to that part of Oughout.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, except for 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 your bond year ends.

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