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Nostrana [21]
3 years ago
11

Taxpayer L has income of $55,000 from Norway, which imposes a 40 percent income tax, and income of $45,000 from France, which im

poses a 30 percent income tax. L has additional taxable income from U.S. sources of $200,000 and U.S. tax liability before credits of $105,000. What is the amount of the foreign tax credit?
Business
1 answer:
saveliy_v [14]3 years ago
3 0

Answer:

The amount of the foreign tax credit is $52,500

Explanation:

Given:

Income from Norway = $55,000

Income tax in Norway = 40%

Income from France = $45,000

Income tax in France = 30%

Taxable income from U.S. sources = $200,000

U.S. tax liability = $105,000

Tax paid in Norway = $55,000 × 40% = $22,000

Tax paid in France = $45,000 × 30% = $13,500

Foreign tax credit = (Net foreign income ÷ U.S. taxable income) × U.S. tax liability

= ($100,000 ÷ $200,000) × $105,000

= $52,500

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3 years ago
the accounts receivable account has a total debit postings of 1900 and credit postings of 1100.The balance of the account is a/a
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Answer:

$800 Debit.

Step by step explanation:  

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Since debit postings are more than credit postings, so the balance of the account will be debit.

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Explanation:

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Sunny Corporation began the year with cash of $ 142 comma 000 and land that cost $ 47 comma 000. During the year Sunny earned se
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