FOREIGN-EARNED-INCOME EXCLUSION

foreign-earned-income exclusion. The Internal Revenue Code provision that excludes from taxation a limited amount of income earned by nonresident taxpayers outside the United States. • The taxpayer must elect between this exclusion and the foreign tax credit. IRC (26 USCA) § 911(a), (b). See foreign tax credit under TAX CREDIT. [Cases: Internal Revenue 4095–4122. C.J.S. […]