Coffin Corporation (A Domestic Corporation)has $200,000 of U

question 70

Multiple Choice

Coffin Corporation (a domestic corporation) has $200,000 of U.S.source taxable income and $600,000 of foreign source taxable income from operations in Latvia.Latvia levied $67,000 in taxes on the foreign source income.U.S.taxes before credits are $280,000.The foreign tax credit limitation is

• A)$67,000
• B)$70,000
• C)$159,750
• D)$210,000
• E)$280,000