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Foreign-source income

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Foreign-source income
Income earned from international operations.

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Once the proposed rules become effective, the IRS will modify the instructions to Forms 1116, Foreign Tax Credit (Individual, Estate, or Trust), and 1118, to permit summary reporting at the shareholder level of RIC foreign-source income and foreign taxes passed through to shareholders under the Sec.
source income or to foreign-source income, based on where the funds would be used.
tax system allows companies with so*called foreign-source income to receive credit against their U.
 
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