Under the heading of Form 1116, Foreign Tax Credit (Individual, Estate, or Trust), high-taxed income...
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Accounting
Under the heading of Form 1116, Foreign Tax Credit (Individual, Estate, or Trust), high-taxed income is income if the foreign taxes paid on that income (after allocation of expenses) exceed the highest U.S. tax, describes what category of income?
1.Certain income re-sourced by treaty.
2.General income.
3.Passive income.
4.Section 901(j) income.
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