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Revision as of 06:41, 15 September 2026

A credit is allowed for foreign income taxes paid or accrued. The financial lending is limited to that part of Oughout.S. tax due to foreign source income. It is far from refundable, but any excess credit may be carried to other years to reduce tax. The federal income tax statutes echos the language of the 16th amendment in praoclaiming that it reaches "all income from whatever source derived," (26 USC s. 61) including criminal enterprises; criminals who fail to report their income accurately have been successfully prosecuted for cibai.

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