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What is the amount of the foreign tax credit

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Reference no: EM132675887

Problem - Taxpayer L has income of $55,000 from Norway, which imposes a 40 percent income tax, and income of $45,000 from France, which imposes a 30 percent income tax. L has additional taxable income from U.S. sources of $200,000 and U.S. tax liability before credits of $105,000. What is the amount of the foreign tax credit?

a. $16,500

b. $35,000

c. $35,500

d. $100,000

e. $45,000

Reference no: EM132675887

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