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Zorin Corp. earned $60,000 in foreign business income in 20x1. Tax was paid to the foreign government in the amount of $7,500 on this income.
Zorin Corp. earned $60,000 in foreign business income in 20x1. Tax was paid to the foreign government in the amount of $7,500 on this income. Zorin Corp. has correctly calculated its Federal tax payable before the foreign business income income tax credit using the following amounts: Base amount of Part I tax $ 48496 Federal tax abatement $ 11989 Small business deduction $ 19106 General rate reduction $ 1519 What is the amount of tax otherwise payable for the purposes of the foreign business income tax credit calculation?
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