Koscil Inc. had the following taxable income. $$\begin{array} { l r }
\text { U.S. source income } & \$ 1,435,000 \
\text { Foreign source income } & \underline { 850,000 } \
\text { Taxable income } & \$ 2,285,000
\end{array}$$ Koscil paid $315,000 foreign income tax. Compute its U.S. income tax liability.

Question

Koscil Inc. had the following taxable income. $$\begin{array} { l r } 
\text { U.S. source income } & \$ 1,435,000 \
\text { Foreign source income } & \underline { 850,000 } \
\text { Taxable income } & \$ 2,285,000
\end{array}$$ Koscil paid $315,000 foreign income tax. Compute its U.S. income tax liability.

Quizplus · Accepted Answer

The Answer of Koscil Inc. had the following taxable income. $$\begin{array} { l r } 
\text { U.S. source income } & \$ 1,435,000 \
\text { Foreign source income } & \underline { 850,000 } \
\text { Taxable income } & \$ 2,285,000
\end{array}$$ Koscil paid $315,000 foreign income tax. Compute its U.S. income tax liability.

Koscil Inc Koscil Paid $315,000 Foreign Income Tax