In 2021, Henri, a U.S. citizen and calendar year taxpayer, reports $24,600 of income from France, which imposes a 10% income tax, and $44,400 from Italy, which imposes a 40 % tax. In addition, Henri reports taxable income of $92,000 from within the United States. Henri is married filling a joint return, and his U.S. tax before the foreign tax credit is $27,370. Do not round your intermediate computations. Round your final answer to the nearest dollar. Determine the amount of Henri's foreign tax credit.
In 2021, Henri, a U.S. citizen and calendar year taxpayer, reports $24,600 of income from France, which imposes a 10% income tax, and $44,400 from Italy, which imposes a 40 % tax. In addition, Henri reports taxable income of $92,000 from within the United States. Henri is married filling a joint return, and his U.S. tax before the foreign tax credit is $27,370. Do not round your intermediate computations. Round your final answer to the nearest dollar. Determine the amount of Henri's foreign tax credit.
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter2: Working With The Tax Law
Section: Chapter Questions
Problem 23P
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