San Carlos Corporation,a U.S.multinational,had pretax U.S.source income and foreign source income as follows: San Carlos paid $60,000 income tax to Country W.Calculate San Carlos' tax savings if it takes a foreign tax credit rather than deducting this tax.

Question

San Carlos Corporation,a U.S.multinational,had pretax U.S.source income and foreign source income as follows:  San Carlos paid $60,000 income tax to Country W.Calculate San Carlos' tax savings if it takes a foreign tax credit rather than deducting this tax.

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The Answer of San Carlos Corporation,a U.S.multinational,had pretax U.S.source income and foreign source income as follows:  San Carlos paid $60,000 income tax to Country W.Calculate San Carlos' tax savings if it takes a foreign tax credit rather than deducting this tax.