Question: Problem 16-29 (Algorithmic) (LO. 4) Velocity, Inc., a non-U.S. corporation, earned $515,000 U.S.-source income from royalties that it collected and $263,800 interest from its investment

Problem 16-29 (Algorithmic) (LO. 4)

Velocity, Inc., a non-U.S. corporation, earned $515,000 U.S.-source income from royalties that it collected and $263,800 interest from its investment in U.S. Treasury bonds.

Compute Velocity's U.S. income tax on these amounts.

$_____________

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