A Corporation Has $100,000 of U

question 95

Multiple Choice

A corporation has $100,000 of U.S.source taxable income and $300,000 of foreign source taxable income from countries X and Y for a total worldwide taxable income of $400,000.Countries X and Y levy a total of $60,000 in foreign taxes upon the foreign source taxable income.U.S.taxes before credits are $140,000.The foreign tax credit limitation is

• A)$35,000.
• B)$60,000.
• C)$80,000.
• D)$105,000.

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Definitions:

Mitosis

A type of cell division that results in two daughter cells each having the same number and kind of chromosomes as the parent nucleus, typical of ordinary tissue growth.

Deoxyribonucleic Acid (DNA)

The molecule that carries genetic instructions used in the growth, development, functioning, and reproduction of all living organisms and many viruses.

Adenine

One of the four nucleobase compounds in DNA and RNA that is fundamental to the coding of our genetic information.

Cytosine

One of the four main bases found in DNA and RNA, which pairs with guanine during the nucleic acid structure formation.