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What is Peanut foreign tax credit

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Problem - Peanut, Inc., a U.S. corporation, receives $500,000 of foreign-source interest income on which foreign taxes of $5,000 are withheld. Peanut's worldwide taxable income is $900,000, and its U.S. Federal income tax liability before FTC is $189,000. What is Peanut's foreign tax credit?

a. $189,000

b. $5,000

c. $105,000

d. $500,000

Reference no: EM132913793

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