Question
Corporation ABC, a public company, provides you with the following information for this year. Net Income and Taxable Income $200,000 Foreign NON- Business Tax Paid
Corporation ABC, a public company, provides you with the following information for this year.
| Net Income and Taxable Income | $200,000 |
| Foreign NON- Business Tax Paid to USA | $40,000 |
| USA NON- Business (Investment) Net Profit before Income Tax paid to the USA. (Foreign non-business income has no effect on abatement; calculate abatement at full 10%)) | $100,000 |
| Canadian Dividend Income | zero |
| Net Capital Loss Carry Forward from 5 years ago. | zero |
Please calculate the non-business foreign tax credit:
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Accounting
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett
9th edition
1118608224, 1118608227, 730323994, 9780730323990, 730319172, 9780730319177, 978-1118608227
