Essentials of Federal Taxation
U.S.citizens generally are subject to tax on all income whether it is generated in the United States or in foreign countries.
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To provide relief from double taxation, Congress allows a foreign-unearned income exclusion for interest and dividends earned in foreign countries.
Workers' compensation benefits are excluded from gross income.
Fred must include in gross income a $7,500 payment received from his neighbor to compensate Fred for the emotional distress he suffered when his neighbor accidentally ran over his dog.
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