Question: Skills Inc a U S corporation reports current foreign source income classified
Skills, Inc., a U.S. corporation, reports current foreign-source income classified in two different FTC income baskets. It earns $50,000 in passive foreign-source income, and it suffers a net loss of $30,000 in the general limitation basket. What is the numerator of Skills's FTC limitation formula for the passive basket in the current year? Explain.
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