Carlotta,Inc

question 28

Multiple Choice

Carlotta,Inc. ,has $50,000 foreign-source income and $150,000 worldwide income.Its U.S.tax on its worldwide income is $42,000,and it paid foreign taxes of $16,000.What is the corporation's foreign tax credit?

• A)$2,000
• B)$14,000
• C)$16,000
• D)$42,000

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Definitions:

Ecosystems

Complex networks of different organisms interacting with each other and their environment within a particular area.

Photosynthesizes

The act or process by which an organism that contains chlorophyll, such as a green plant, produces organic matter from carbon dioxide and water in the presence of sunlight.

Supergroup

In the context of biology, a high-level taxonomic category above the level of kingdom, used to classify life in a broad scale; or, in other contexts, a term for a highly successful musical collaboration.

Archaeplastida

A major group of eukaryotic organisms that includes red algae, green algae, and land plants, characterized by the presence of plastids with chlorophyll.