The exchange rate between the U.S. dollar (US$) and the Hong Kong dollar (HK$) remained constant at
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a. Determine the amount of foreign earned income Horace Gardner included in his calculation of U.S. taxable income for the year 2013.
b. Determine the amount of foreign tax credit Horace Gardner was allowed to take in determining his U.S. tax liability for the year 2013.
c. Assuming Horace Gardner has a marginal U.S. tax rate of 28 percent, determine the amount of U.S. income taxes he paid on his foreign earned income in the year 2013.
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