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A credit is allowed for foreign income taxes paid or accrued. The loan is limited compared to that part of You.S. tax due to foreign source income. It's not at all refundable, but any excess credit may be carried to other years to reduce tax.

B) Interest earned, however not paid, throughout a bond year, must be accrued after the bond year and reported as taxable income for your calendar year in that the bond year ends.

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