Income Determination Inventory valuation Inventories generally are stated at either cost or the lower of cost or market. Items may be deemed to be sold on a first in first out (FIFO) or
Tax period US corporate taxpayers are taxed on an annual basis. Corporate taxpayers may choose a tax year that is different from the calendar year. New corporations may use a short tax year
The United States taxes resident corporations at a flat rate of 21%. US taxation of income earned by non-US persons depends on whether the income has a nexus with the United States and
Foreign tax credit (FTC) Generally, in any year, a taxpayer can choose whether to take as a credit (subject to limitation) or as a deduction foreign income, war profits, and excess profit taxes
Under US domestic tax laws, a foreign person generally is subject to 30% US tax on the gross amount of certain US-source income. All persons (‘withholding agents’) making US-source fixed, determinable, annual, or