Green corporations foreign tax credit


During the year, Green Corporation (a U.S. corporation) has U.S.-source income of $1,500,000 and foreign income of $1,000,000. The foreign-source income generates foreign income taxes of $480,000. The U.S. income tax before the foreign tax credit is $850,000. Green Corporation's foreign tax credit is:

a) $340,000.

b) $480,000.

c) $850,000.

d) $1,000,000.

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Accounting Basics: Green corporations foreign tax credit
Reference No:- TGS077344

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