You have audited the books of International Money Limited, a public corporation, and have determined that the income for tax purposes of $472,000 for the year ended December 31, 2016, has been calculated correctly. The following additional data are available:

REQUIRED

Compute the maximum foreign tax credit available to the corporation for 2016.

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Interest received from: a U.S. company (net of $3,000 tax withheld) a British company (net of $1,500 tax withheld) Business income (net of $9,800 tax paid) earned from an unincorporated branch in Turkey Donations Dividend received from a taxable Canadian corporation Taxable income earned in a province (computed by Reg.) $17,000 8,500 18,200 20,000 52,000 375,000