What is uscos post-credit us tax liability

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Reference no: EM132109090

In 2012, USCo, a US corporation, earned $1000 of US source income and $1000 of foreign source income. USCo paid $200 of foreign tax on the foreign source income.

In 2013, USCo earned $1000 of US source income and $3000 of foreign source income. USCo paid $1500 of foreign tax on the foreign source income.

In 2014,USCo earned $2000 of US source income and $2000 of foreign source income. USCo paid $400 of foreign tax on the foreign source income. Assume the US tax rate is 35%.

How much foreign tax credit will USCo be able to take in 2012, 2013 and 2014?

What is USCo's post-credit US tax liability in 2012, 2013 and 2014?

Reference no: EM132109090

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