A credit is allowed for foreign income taxes paid or accrued. The credit is limited for that part of Oughout.S. tax due to foreign source income. It is far from refundable, but any excess credit can be carried to other years to reduce tax. B) Interest earned, assure paid, during a bond year, must be accrued after the bond year and reported as taxable income for that calendar year in in which the bond year ends.

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