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A credit is allowed for foreign income taxes paid or accrued. The finance is limited certain part of Oughout.S. tax due to foreign source income. It's not refundable, but any excess credit become carried to other years to reduce tax.
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The IRS collected $3.4 billion from GlaxoSmithKline for allegedly cheating on its taxes. The internal revenue service contended it evaded taxes by making several inter company transactions to foreign affiliates regarding two of your patents and trademarks on popular drugs it access. That is known as offshore tax fraud.
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