John Elton is a citizen and bona fide resident of Great Britain (United Kingdom). During the current
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• Compensation of $30 million from performing concerts in the United States
• Cash dividends of $10,000 from a French corporation stock
• Interest of $6,000 on a U.S. corporation bond
• Interest of $2,000 on a loan made to a U.S. citizen residing in Australia
• Gain of $80,000 on the sale of stock in a U.S. corporation
Determine the source (U.S. or foreign) of each item of income John received.
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Income Source Income from concerts US source based on where the event took place Dividend fr...View the full answer
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Related Book For 
Taxation Of Individuals And Business Entities 2015
ISBN: 9780077862367
6th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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