Many Mountains, Inc. is a U.S. multinational corporation. This year, it had the following income. Many Mountains paid $15,000 income tax to Country X and $28,500 income tax to Country Y. Compute Many Mountains' allowable foreign tax credit.

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Many Mountains, Inc. is a U.S. multinational corporation. This year, it had the following income.  Many Mountains paid $15,000 income tax to Country X and $28,500 income tax to Country Y. Compute Many Mountains' allowable foreign tax credit.

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The Answer of Many Mountains, Inc. is a U.S. multinational corporation. This year, it had the following income.  Many Mountains paid $15,000 income tax to Country X and $28,500 income tax to Country Y. Compute Many Mountains' allowable foreign tax credit.