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Author Question: Carlotta, Inc. has $50,000 foreign-source income and $150,000 worldwide income. Its U.S. tax on its ... (Read 37 times)

imanialler

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Question 1

Bud and Stella are married, file a joint return, and have one child, age 3. Their combined AGI is $35,000. Bud and Stella incur $3,500 of child-care expenses during the current year. The child and dependent care credit is
◦ $600.
◦ $700.
◦ $750.
◦ $875.

Question 2

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?
◦ $2,000
◦ $14,000
◦ $16,000
◦ $42,000


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Marked as best answer by imanialler on Sep 13, 2020

Meganchabluk

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imanialler

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Reply 2 on: Sep 13, 2020
Wow, this really help


kusterl

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Reply 3 on: Yesterday
Excellent

 

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