Goolsbee, Inc., a domestic corporation, generates U.S.-source and foreign-source gross income. Goolsbee's assets (tax book value) are as follows.
Goolsbee incurs interest expense of $200,000. Using the asset method and the tax book value, apportion interest expense to foreign-source income.

Question

Goolsbee, Inc., a domestic corporation, generates U.S.-source and foreign-source gross income. Goolsbee's assets (tax book value) are as follows.
  Goolsbee incurs interest expense of $200,000. Using the asset method and the tax book value, apportion interest expense to foreign-source income.

Quizplus · Accepted Answer

The Answer of Goolsbee, Inc., a domestic corporation, generates U.S.-source and foreign-source gross income. Goolsbee's assets (tax book value) are as follows.
  Goolsbee incurs interest expense of $200,000. Using the asset method and the tax book value, apportion interest expense to foreign-source income.