Trapezoid, Inc., had worldwide taxable income in the current year of $2.5 million. Seventy-five percent of this

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Trapezoid, Inc., had worldwide taxable income in the current year of $2.5 million. Seventy-five percent of this was earned within the United States, with the remainder being earned in Laos. Trapezoid paid $10,000 in foreign income taxes on $200,000 of nonbusiness-related interest earned in Laos. Trapezoid also paid $150,000 in taxes to Laos on foreign source business income of $425,000. Trapezoid’s tentative U.S. income tax was $525,000. What is Trapezoid’s Foreign Tax Credit in the current year?

A.$99,250
B.$89,250
C.$160,000
D.$131,250

Mr. Berry, a self-employed musician, timely filed his 2019 income tax return, which showed an AGI of $220,000 and total tax of $65,000. He expects his 2020 total tax to be $82,000. What is his required payment through withholding and estimated tax for 2020?

A.$73,800
B.$71,500
C.$65,000
D.$82,000

Which of the following applies to the allowable credit for prior-year minimum tax?

A. It is allowed in full against the current year’s tax.
B. Any unused portion may not be carried forward.
C. It may only be carried forward for 5 years.
D. The allowable credit cannot reduce the current year’s tax below the current year’s tentative minimum tax.