Tony Pine earned a foreign interest income of $7,000 in 2021. A 15% tax was withheld by
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Question:
Tony Pine earned a foreign interest income of $7,000 in 2021. A 15% tax was withheld by the foreign country. Tony's total taxable income for the year was $80,000, and the tax payable was calculated at $10,500. How much is Tony's foreign tax credit? (Rounded)
a. $919
b. $1,007
c. $1,050
d. $1,575
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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