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seraphim [82]
3 years ago
9

Ginger is a United States citizen who paid the following foreign income taxes: $10,000 tax paid to England on consulting fee inc

ome $5,000 tax paid to Spain on earned income for which she claims the foreign earned income exclusion $1,000 tax paid to France for which she claims the foreign housing exclusion These were Ginger's only sources of income during the year. Her U.S. tax liability was $23,000. What amount of foreign tax credit can she claim on her return
Business
1 answer:
liberstina [14]3 years ago
6 0

Answer:

$0

Explanation:

Ginger has to choose between claiming a tax credit of a deduction for income taxes paid to foreign countries. She has already claimed a $5,000 foreign income exclusion (for taxes paid in Spain), and she has already made the deduction for the $1,000 paid in taxes to France. She can also claim a deduction for the $10,000 paid in taxes to England.

Since she already claimed tax deductions, she can no longer claim a tax credit, it is either one or the other.

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Answer:

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Deffered Tax Asset                4000  

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deffered tax Liability = 32000 - 28000  = 4000

    <u>Journal Entry made for Income tax and deffered tax liability</u>

          Account                        Debit Credit

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To Deffered Tax Liability                    4000

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3 years ago
Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her cond
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Answer and Explanation:

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75 + 35 = 110 days

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Total personal deduction for AGI                    $1400

4 0
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