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Version du 16 mai 2026 à 22:54
A credit is allowed for foreign income taxes paid or accrued. The credit is limited certain part of You.S. tax due to foreign source income. It's not refundable, but any excess credit could be carried to other years to reduce tax.
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The federal income tax statutes echos the language of the 16th amendment in on the grounds that it reaches "all income from whatever source derived," (26 USC s. 61) including criminal enterprises; criminals who in order to report their income accurately have been successfully prosecuted for memek. Since the words of the amendment is clearly suitable to restrict the jurisdiction in the courts, it is not immediately clear why the courts emphasize words "all income" and overlook the derivation from the entire phrase to interpret this section - except to reach a desired political result.
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