2. In 2022, Luke, a US citizen, had worldwide taxable income of $120,000, including dividends of $4,000
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2. In 2022, Luke, a US citizen, had worldwide taxable income of $120,000, including dividends of $4,000 from a German Corporation. The German Corporation withheld $400 in taxes from the dividend payment. Luke is a single taxpayer, and claimed the standard deduction of $12,550. If Luke had a US tax liability of $22,000 before credits in 2022, what is the maximum Foreign Tax Credit that Luke can claim?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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