Britta, Inc Britta's Worldwide Taxable Income Is $1,600,000 and U

question 120

Essay

Britta, Inc., a U.S. corporation, reports foreign-source income and pays foreign taxes as follows.
$\begin{array}{lcc} & \text { Income } & \text { Taxes } \\\text { Passive category } & \$ 200,000 & \$ 10,000 \\\text { General limitation category } & 800,000 & 350,000\end{array}$
Britta's worldwide taxable income is $1,600,000 and U.S. taxes before FTC are $560,000 (assume a 35% tax rate). What is Britta's U.S. tax liability after the FTC?

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