B a US citizen sells products in France. B's income in France is $650,000 and B pays $300,000 in French income taxes. B's US tax liability with respect to that income is $200,000. How much of a credit will B be able to take for the French income tax paid in the current year? Will there be any carryover?
Before credits a company has a regular tax liability of $300,000, an alternative minimum tax of $90,000. What is the maximum amount of general business credits that the company will be able to take in the current year?
A company buys a building that it uses solely to provide childcare services to its employees for $300,000. It will depreciate the building over 5 years, and it will take a full year's depreciation on the building. How much will its childcare credit and its depreciation deduction be

Answer rating: 100% (QA)

Foreign Tax Credit B as a US citizen earning income in France may be eligible for a Foreign Tax Credit FTC to reduce double taxation The FTC is genera... View the full answer