In 2018, Lenny Traveler had adjusted gross income of ($ 32,000) from investments in the U.S., while

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In 2018, Lenny Traveler had adjusted gross income of \(\$ 32,000\) from investments in the U.S., while earning \(\$ 40,000\) from foreign sources. Lenny's potential U.S. tax liability is \(\$ 7,600\), and he had to pay \(\$ 9,000\) in foreign income taxes. What amount can Lenny, a U.S. citizen, claim as a foreign tax credit?

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CCH Federal Taxation 2019 Comprehensive Topics

ISBN: 9780808049081

2019 Edition

Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback

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