In 2021, Henri, a U.S. citizen and calendar year taxpayer, reports $30,000 of income from France, which

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In 2021, Henri, a U.S. citizen and calendar year taxpayer, reports $30,000 of income from France, which imposes a 10% income tax, and $50,000 from Italy, which imposes a 40% tax. In addition, Henri reports taxable income of $90,000 from within the United States. 

Henri is married filing a joint return, and his U.S. tax before the foreign tax credit is $28,897. Determine the amount of Henri’s foreign tax credit.

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South-Western Federal Taxation 2022 Individual Income Taxes

ISBN: 9780357519073

45th Edition

Authors: James C. Young, Annette Nellen, William A. Raabe, Mark Persellin, William H. Hoffman

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