The first component of the formula for determining the refundable portion of Part I tax, 30-2/3 percent of aggregate investment income, is reduced by the amount, if any, by which the foreign non-business income tax credit exceeds 8 percent of its foreign investment income for the year. What objective is achieved by subtracting this amount?

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The Answer of The first component of the formula for determining the refundable portion of Part I tax, 30-2/3 percent of aggregate investment income, is reduced by the amount, if any, by which the foreign non-business income tax credit exceeds 8 percent of its foreign investment income for the year. What objective is achieved by subtracting this amount?

The First Component of the Formula for Determining the Refundable