12. Taxpayer L has income of $55,000 from Norway, which imposes a 30 percent income tax, and...
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12. Taxpayer L has income of $55,000 from Norway, which imposes a 30 percent income tax, and income of $45,000 from France, which imposes a 40 percent income tax. L has taxable income from U.S. sources of $200,000 and U.S. tax liability before credits of
$90,000. What is the amount of the foreign tax credit?
a. $16,500
b. $34,500
c. $30,000
d. $100,000
e. $45,000 LO 6.5
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Related Book For
Income Tax Fundamentals 2011
ISBN: 9780538469197
29th Edition
Authors: Gerald E. Whittenburg, Martha Altus-Buller
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