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Revision as of 22:16, 13 September 2024

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

B) Interest earned, although paid, during a bond year, must be accrued following the bond year and reported as taxable income for your calendar year in that the bond year ends.

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