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

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And through the audit, our time became his. Our office staff spent the maximum time on the audit as he did, bring our books forward, submitting every dang invoice over past 36 months for his scrutiny.

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