Looking for help with a tax related question for my business law course. Please see attached document.

*Response must contain equations for any solutions

*Response must follow excel template provided. Thank you.

1. California Cars is a U.S. manufacturer of electric cars. California Cars has $5 billion of U.S. tax $4 billion of which is U.S.-source income and $1 billion of which is foreign-source income. Califo a U.S. tax rate of 35% and paid foreign taxes of $280 million. The firm's foreign source income f general basket. It is the first year of California Cars' foreign operations, so don't worry about fo carryforwards or carrybacks. a. What is California Cars' foreign tax credit, and what is its worldwide tax paid for the year? b. Now suppose that California Cars engaged in tax-reduction strategies abroad, reducing its fo $200 million but holding all else constant. What is California Cars' foreign tax credit, and what i tax paid for the year? c. What possible benefit might California Cars receive from reducing its foreign taxes paid in pa In particular, suppose that the foreign country in which California Cars operates is likely to enac increase in its tax rate next year. a. What is California Cars' foreign tax credit, and what is its worldwide tax paid for the year? check figure: $1,750 million U.S. tax before FTC = FTC = min = U.S. tax after FTC = Worldwide tax =