Foreign-source income

(redirected from Foreign Income)

Foreign-source income

Income earned from international operations.

Foreign-Source Income

Personal income earned outside the United States. Unlike many other countries, foreign-source income is taxable in the United States.
References in periodicals archive ?
The current year includes a tax provision approximating $83,262 for foreign income taxes for the Company's Union Channel operations.
Pre-TIPRA: Foreign income $85,000 Less: exclusion 80,000 Other income 30,000 Taxable income $35,000 Income tax $4,495 Post-TIPRA: Foreign income $85,000 Less: exclusion 82,400 Other income 30,000 Taxable income $32,600 Add: exclusion $82,400 Total (if no exclusion) $115,000 Tax $21,865 Less: lax on exclusion 13,715 Income tax $8,150
research and experimental (R&E) expenses against foreign income.
Such issues include classification of foreign exchange gains and losses and their accounting treatments, interest rates and payments made on borrowings by the foreign subsidiaries, tax deferrals on foreign income and even selecting the location of reinvoicing centers.
The law does not, however, provide for similar recapture treatment when there is an overall domestic loss that is offset against foreign income in one year and in a subsequent year there is sufficient domestic income to otherwise absorb the domestic loss.
Federal and foreign income taxes 11,869,000 9,862,000
Income Series, Active Portfolios in the Estates, Gifts and Trusts Series and Active Portfolios in the Foreign Income Series.
Under present law related to the expensing of interest, tax on foreign income is paid in the foreign country and again in the U.
911-3(e), foreign income is deemed earned in the tax year in which the services are performed.
Permitting taxpayers that must translate foreign income payments to use the exchange rate in effect on the date they pay the taxes, provided the foreign taxes are denominated in a nonfunctional currency.
Section 902 of the Code provides a mechanism by which foreign income taxes paid by a foreign corporation are deemed paid by a domestic corporate shareholder owning at least 10 percent of the voting stock of the foreign corporation.
Tomkins PLC (NYSE: TKS), the international manufacturing company, today restated that its policy is to hedge anticipated foreign income streams as soon as budgets are agreed, in order to eliminate vulnerability to short term exchange rate fluctuations.

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