Global Corporation, a U.S. multinational, began operations this year. Global had pretax U.S. source income and foreign source income as follows. Global paid $25,000 income tax to Country X. What is Global's U.S. tax liability if it takes the foreign tax credit?

Question

Global Corporation, a U.S. multinational, began operations this year. Global had pretax U.S. source income and foreign source income as follows.  Global paid $25,000 income tax to Country X. What is Global's U.S. tax liability if it takes the foreign tax credit?

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The Answer of Global Corporation, a U.S. multinational, began operations this year. Global had pretax U.S. source income and foreign source income as follows.  Global paid $25,000 income tax to Country X. What is Global's U.S. tax liability if it takes the foreign tax credit?