John Elton is a citizen and bona fide resident of Great Britain (United Kingdom). During the current

Question:

John Elton is a citizen and bona fide resident of Great Britain (United Kingdom). During the current year, John received the following income:
• Compensation of $30 million from performing concerts in the United States
• Cash dividends of $10,000 from a French stock
• Interest of $6,000 on a U.S. bond
• Interest of $2,000 on a loan made to a U.S. citizen residing in Australia
• Gain of $80,000 on the sale of stock in a U.S. the source (U.S. or foreign) of each item of income John received.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...