Foreign Tax Credit or Deduction

Foreign Tax Credit or Deduction

A credit or deduction available to a U. S. citizen or resident alien, and in limited circumstances to a U. S. nonresident alien, who incurs or pays income taxes to a country other than the United States.
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The foreign tax paid by FOSUB in excess of the amount payable had the sales price been an arm's-length price is deemed a voluntary overpayment of tax to the foreign government and thus is ineligible for foreign tax credit or deduction to USPAR.
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