Taxpayer earned income from foreign business

Reference no: EM133655050

Question

A taxpayer does not live broad; however, they paid taxes on foreign investment income. Additionally, the taxpayer earned income from a foreign business. Is the following statement correct in this situation? The tax payer may not take a deduction or credit on income that is not included on their U.S. Form 1040.

Reference no: EM133655050

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