You handle Mr. Smith's personal tax. He received dividends from foreign stocks during the year from which foreign taxes of $50 were withheld. He has requested your help in determining whether it would be more advantageous to claim these foreign taxes paid as an itemized deduction or as a credit against income taxes. For the current year, Mr. Smith is single, has adjusted gross income of $85,000, total itemized deductions of $8,000, and taxable income of $74,000. His marginal tax rate is 30%. Write a letter to Mr. Smith explaining which option would be more advantageous for the tax year based on the above information