The United States restricts the credit to foreign income taxes that duplicate the U.S income tax against which the credit is taken. Under code section 901, a foreign levy must...
What is money laundering? Money laundering is a criminal act perpetrated by individuals in which they disguise the real ownership and control of the proceeds of illegal conduct by...
Posted by BHATIA & CO, INC, CPAs on 10/30/2015
Gross income comes from following categories of income: Interest, Dividends, Personal Services, Rentals, Royalties, Gains from disposition of property. Leasing generates rental income....
Posted by The Accounting and Tax on 03/05/2015
Financial planning should not be difficult. It is basically a plan to save for your retirement, education of your children or buying a house. You should clarify your goals and set...
If a domestic corporation has a foreign subsidiary, this subsidiary will usually maintain its books and records in the currency of the country where it exists. If this subsidiary repatriates...
Refer Code section 904: Limitation on Credit: Source of income rules play a very vital role when it comes to computation of foreign tax credits limitation of a taxpayer. If foreign...