Compute top notch incs tax liability

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Reference no: EM13170333

Top Notch Inc a US corp, operates in both New Zealand and the United States. For the current year, Top notch inc generated taxable income of $300,000 from foreign sources and $400,000 from US souces. All of the Top Notchincome is in the general limitation basket.. Top Notch inc. total worldwide income is $700,000. Top Notch pays New Zealand taxes of $114,000. Assuming a us tax rate of 35% compute Top Notch Inc's tax liability after any allowable foreign tax credits.

Reference no: EM13170333

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