Patty,a Single Taxpayer,has $100,000 of U

question 71

Multiple Choice

Patty,a single taxpayer,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 $89,000 in foreign taxes upon the foreign source taxable income.U.S.taxes before credits are $115,194.The foreign tax credit limitation is

• A)$28,799.
• B)$86,396.
• C)$66,750.
• D)$89,000.

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Definitions:

Middle of the Armpit

The central region within the armpit area, anatomically known as the axilla.

Electrocardiograph

An instrument that measures and displays the waves of electrical impulses responsible for the cardiac cycle.

Cardiac Cycle

The sequence of contraction and relaxation that makes up a complete heartbeat.

Electrical Impulses

Bioelectrical signals that are crucial for the functioning of nerves and muscles in the body.