Bonita is the owner of a U.S.- based business with some operations in France. The operations in France generated
$200,000 of taxable income which is included in her total taxable income of $2,000,000. Her U.S. tax liability befor is $705,690. Determine the allowable foreign tax credit assuming taxes paid to France as follows:
a. $40,000.
b. $80,000.

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The Answer of Bonita is the owner of a U.S.- based business with some operations in France. The operations in France generated
$200,000 of taxable income which is included in her total taxable income of $2,000,000. Her U.S. tax liability befor is $705,690. Determine the allowable foreign tax credit assuming taxes paid to France as follows:
a. $40,000.
b. $80,000.

Bonita Is the Owner of a U