John has $70,000 of foreign earned income and $400,000 of U.S. based income. He is anticipating having similar income in future years. He is concerned about double taxation of her income and whether or not he should elect a particular tax benefit. Assuming you were his tax adviser, what would you recommend?

PART TWO

John has $900,000 of foreign earned income and $500,000 of U.S. based income. He is anticipating having similar income in future years. How would you adjust your suggestions from Part A?