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A credit is allowed for foreign income taxes paid or accrued. The finance is limited compared to that part of You.S. tax due to foreign source income. It isn't refundable, but any excess credit end up being the 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 government contended that evaded taxes by making several inter company transactions to foreign affiliates regarding two of the company's patents and trademarks on popular drugs it possesses. That is known as offshore tax fraud.

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