Goolsbee, Inc., a U.S. corporation, generates U.S.-source and foreign-source gross income. Goolsbee's assets (tax basis) are as follows.

Goolsbee incurs interest expense of $200,000. Apportion interest expense to foreign-source income.

Question

Goolsbee, Inc., a U.S. corporation, generates U.S.-source and foreign-source gross income. Goolsbee's assets (tax basis) are as follows.
  
Goolsbee incurs interest expense of $200,000. Apportion interest expense to foreign-source income.

Quizplus · Accepted Answer

The Answer of Goolsbee, Inc., a U.S. corporation, generates U.S.-source and foreign-source gross income. Goolsbee's assets (tax basis) are as follows.
  
Goolsbee incurs interest expense of $200,000. Apportion interest expense to foreign-source income.