T, a U.S.citizen who has been a resident of France for three years, has the following income in 2012 from French sources: $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$Salary $\quad$$\quad$Interest Income
Gross amount $\quad\quad\quad\quad\quad\$ 70,000 \quad \$ 30,000$
French income tax $( 30 \% ) \quad ( 21,000 ) \quad ( 9,000 )$
Net cash received $( 70 \% ) \quad \$ 49,000 \quad \$ 21,000$ The interest income was from a French bank on her savings account.In addition, T's employer provided her with housing costing $20,000, which was not subject to French tax.T also has U.S.-source earned income of $48,000.T's foreign tax eligible for the foreign tax credit (before any foreign tax credit limitations are applied) is

Question

Quizplus · Accepted Answer

The Answer of T, a U.S.citizen who has been a resident of France for three years, has the following income in 2012 from French sources: $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$Salary $\quad$$\quad$Interest Income
Gross amount $\quad\quad\quad\quad\quad\$ 70,000 \quad \$ 30,000$
French income tax $( 30 \% ) \quad ( 21,000 ) \quad ( 9,000 )$
Net cash received $( 70 \% ) \quad \$ 49,000 \quad \$ 21,000$ The interest income was from a French bank on her savings account.In addition, T's employer provided her with housing costing $20,000, which was not subject to French tax.T also has U.S.-source earned income of $48,000.T's foreign tax eligible for the foreign tax credit (before any foreign tax credit limitations are applied) is

T, a USCitizen Who Has Been a Resident of France for Three