Goolsbee,Inc. ,a U.S.corporation,generates U.S.-source and foreign-source gross income.Goolsbee's assets (tax book value) are as follows. Generating U.S.-source income $15,000,000 Generating foreign-source income 25,000,000 Total $40,000,000 Goolsbee incurs interest expense of $200,000.Using the asset method and the tax book value,apportion interest expense to foreign-source income.

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Goolsbee,Inc. ,a U.S.corporation,generates U.S.-source and foreign-source gross income.Goolsbee's assets (tax book value) are as follows. Generating U.S.-source income $15,000,000 Generating foreign-source income 25,000,000 Total $40,000,000 ​ Goolsbee incurs interest expense of $200,000.Using the asset method and the tax book value,apportion interest expense to foreign-source income.

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The Answer of Goolsbee,Inc. ,a U.S.corporation,generates U.S.-source and foreign-source gross income.Goolsbee's assets (tax book value) are as follows. Generating U.S.-source income $15,000,000 Generating foreign-source income 25,000,000 Total $40,000,000 ​ Goolsbee incurs interest expense of $200,000.Using the asset method and the tax book value,apportion interest expense to foreign-source income.