Compute for the income tax due if ABC opted to claim the foreign tax credit as a deduction.
Compute for the income tax due if ABC opted to claim the foreign tax credit as a deduction.
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter16: Multijurisdictional Taxation
Section: Chapter Questions
Problem 15P
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Question
Source of income Taxable income before any foreign income
foreign tax credit tax paid
Philippine 480,000 -
Hongkong 192,000 45,000
China 96,000 30,000
total 768,000 75,000
Compute for the income tax due if ABC opted to claim the foreign tax credit as a deduction.
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