Trapezoid, Inc., had worldwide taxable income in the current year of $2.5 million. Seventy-five percent of this was earned within the United States, with the remainder being earned in Laos. Trapezoid paid $10,000 in foreign income taxes on $200,000 of nonbusiness-related interest earned in Laos. Trapezoid also paid $150,000 in taxes to Laos on foreign source business income of $425,000. Trapezoid’s tentative U.S. income tax was $525,000. What is Trapezoid’s Foreign Tax Credit in the current year?

• A.$99,250

• B.$89,250

• C.$160,000

• D.$131,250

Mr. Berry, a self-employed musician, timely filed his 2019 income tax return, which showed an AGI of $220,000 and total tax of $65,000. He expects his 2020 total tax to be $82,000. What is his required payment through withholding and estimated tax for 2020?

• A.$73,800

• B.$71,500

• C.$65,000

• D.$82,000

Which of the following applies to the allowable credit for prior-year minimum tax?

• A. It is allowed in full against the current year’s tax.

• B. Any unused portion may not be carried forward.

• C. It may only be carried forward for 5 years.

• D. The allowable credit cannot reduce the current year’s tax below the current year’s tentative minimum tax.