Mondrake, Inc., has total worldwide income of $500,000. Mondrakes Polish branch has foreign source income of $200,000
Question:
Mondrake, Inc., has total worldwide income of $500,000. Mondrake’s Polish branch has foreign source income of $200,000 and paid taxes of $38,000 to the Polish government. The U.S. corporate tax rate is 21 percent. What is Mondrake's overall foreign tax credit limitation?
a. $38,000.
b. $42,000.
c. $70,000.
d. $105,000.
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Related Book For 
International Accounting
ISBN: 9781264556991
6th Edition
Authors: Timothy Doupnik, Mark Finn, Giorgio Gotti And Hector Perera
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