A Good Reputation Taxes - Part 1
A credit is allowed for foreign income taxes paid or accrued. The money is limited for 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.
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B) Interest earned, but not paid, during a bond year, must be accrued at the end of the bond year and reported as taxable income for the calendar year in in which the bond year ends.
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