Koscil Inc. had the following taxable income.
$\begin{array}{llr}
\text { U.S. source income} &\$1,435,000\
\text { Foreign source income} &850,000\
\text { Taxable income } &\$2,285,000
\end{array}$
Koscil paid $315,000 foreign income tax. Assume Koscil's foreign source income does not qualify as foreign-derived intangible income. Compute its U.S. income tax liability.

Question

Koscil Inc. had the following taxable income.
 $\begin{array}{llr}
  \text {  U.S. source income} &\$1,435,000\
 \text {  Foreign source income} &850,000\
 \text { Taxable income } &\$2,285,000
\end{array}$
 Koscil paid $315,000 foreign income tax. Assume Koscil's foreign source income does not qualify as foreign-derived intangible income. Compute its U.S. income tax liability.

Quizplus · Accepted Answer

The Answer of Koscil Inc. had the following taxable income.
 $\begin{array}{llr}
  \text {  U.S. source income} &\$1,435,000\
 \text {  Foreign source income} &850,000\
 \text { Taxable income } &\$2,285,000
\end{array}$
 Koscil paid $315,000 foreign income tax. Assume Koscil's foreign source income does not qualify as foreign-derived intangible income. Compute its U.S. income tax liability.

Koscil Inc Koscil Paid $315,000 Foreign Income Tax