Business, 25.05.2021 16:00 fatlenny

King Street Corporation has a pre-credit U. S. tax of $119,000 on $514,000 of taxable income. The company has $210,000 of foreign source taxable income and paid $74,000 of income taxes to the Italian government on this income. All of the foreign source income is treated as foreign branch income for foreign tax credit purposes. Calculate the company's foreign tax credit on its tax return will be:

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King Street Corporation has a pre-credit U. S. tax of $119,000 on $514,000 of taxable income. The co...

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