Question: Name and briefly explain three separate mechanisms that the U.S. uses to prevent the double taxation of the income of a U.S. person doing
Name and briefly explain three separate mechanisms that the U.S. uses to prevent the double taxation of the income of a U.S. person doing business outside of the United States. Briefly discuss the concept of "nexus" and how it affects 1) U.S. income tax liabilities and 2) state income tax liabilities.
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Q1 Foreign tax credit This credit is a dollar reduction in US taxes associated with the foreign source of income It is important to note that the foreign tax credit is a federal tax concept and can on... View full answer
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