Mr. P's AGI includes an $8,700 dividend paid by a German corporation and $11,600 interest paid by

Question:

Mr. P's AGI includes an $8,700 dividend paid by a German corporation and $11,600 interest paid by a Canadian bank. He paid $3,000 foreign income tax this year.

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... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...