Question: I asked this before and was given 88,000 as a answer for year 2, which is clearly marked incorrect. Velox, Incorporated began operations last year.

I asked this before and was given 88,000 as a answer

I asked this before and was given 88,000 as a answer for year 2, which is clearly marked incorrect.

Velox, Incorporated began operations last year. For its first two taxable years, Velox's records show the following: Required: Compute Velox's U.S. tax for both years, assuming the foreign source income does not qualify as FDII. Note: Do not round any intermediate division. Answer is complete but not entirely correct

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