Peanut,Inc. ,a domestic corporation,receives $500,000 of foreign-source interest income on which foreign taxes of $5,000 are withheld.Its worldwide taxable income is $900,000,and U.S.tax liability before FTC is $315,000.What is Peanut's foreign tax credit?
A) $500,000.
B) $315,000.
C) $175,000.
D) $5,000.
E) Some other amount.
Correct Answer:
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