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What is the amount of Jackson Foreign Tax Credit

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Reference no: EM133026750

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Q1. For 2019, Corporation N, a calendar-year taxpayer, had a tax liability of $100,000. N's 2018 tax liability was $200,000. What is the amount N must have paid for each quarter for 2019 to avoid any penalty or interest for underpayment of estimated tax?

a. $22,500

b. $23,250

c. $25,000

d. $50,000

Q2. Jackson Corp.'s taxable income for 2019 from all of its global operations was $500,000. Taxable income from foreign sources was $125,000 during 2019. Jackson, a domestic corporation, calculated its 2019 tax liability before consideration of the Foreign Tax Credit to be $50,000, due with its 2019 tax return on March 1, 2020. What is the amount of Jackson's Foreign Tax Credit limitation for 2020?

A. $200,000

B. $125,000

C. $50,00

D. $12,500

Reference no: EM133026750

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