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

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