Question

12) springfield co., based in the united states, has costs from orders of foreign material that exceed its foreign revenue. all foreign transactions are denominated in the foreign currency of concern. this firm would a stronger dollar and would a weaker dollar.

Answer 1

This firm would benefit from a stronger dollar and would be adversely affected by a weaker dollar.

Foreign earned income is income obtained while performing personal services in another nation. The source of your revenue is unaffected by where or how you are paid.

If the location of the activity for which the payment is being issued is outside the United States, the income is deemed foreign-source. For the payment to be appropriately categorized, the supporting paperwork must clearly indicate the location of the action. If you are a US citizen or a US resident alien and live in another country, you are taxed on your worldwide income.

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