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Revision as of 16:31, 13 May 2026

A credit is allowed for foreign income taxes paid or accrued. The credit is limited special part of Oughout.S. tax due to foreign source income. It is far from refundable, but any excess credit become carried to other years to reduce tax.

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Let's change one more fact in our example: I give a $100 tip to the waitress, and the waitress is almost certainly my little girl. If I give her the $100 bill at home, it's clearly a nontaxable offering. Yet if I give her the $100 at her place of employment, the government says she owes tax on the product. Why does the venue make a difference?

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