Many Mountains,Inc.is a U.S.multinational corporation.This year,it had the following income. Many Mountains paid $15,000 income tax to Country X and $18,500 income tax to Country Y.Compute Many Mountains' allowable foreign tax credit.

Question

Many Mountains,Inc.is a U.S.multinational corporation.This year,it had the following income.  Many Mountains paid $15,000 income tax to Country X and $18,500 income tax to Country Y.Compute Many Mountains' allowable foreign tax credit.

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The Answer of Many Mountains,Inc.is a U.S.multinational corporation.This year,it had the following income.  Many Mountains paid $15,000 income tax to Country X and $18,500 income tax to Country Y.Compute Many Mountains' allowable foreign tax credit.