16

Question 16 (1 point) Jake, a US citizen, has foreign income of $20,000 and paid a tax of $2,000 on this income. His income from all sources (including foreign) is $200,000 and his total US tax is on that income is $34,000. What is the amount of his foreign tax credit? DO NOT USE COMMAS OR DOLLAR SIGNS IN YOUR ANSWER!! A Question 17 (1 point) Tom sells machinery used in his business for a loss of $2,000. He also sells a number of stocks held for investment for a net loss of $6.000. Apart from these items, Tom