Britta, Inc., a U.S. corporation, reports foreign-source income and pays foreign taxes as follows.

Britta's worldwide taxable income is $1,600,000 and U.S. taxes before FTC are $336,000 (assume a 21% tax rate). What is Britta's U.S. tax liability after the FTC?

Question

Britta, Inc., a U.S. corporation, reports foreign-source income and pays foreign taxes as follows.
  
Britta's worldwide taxable income is $1,600,000 and U.S. taxes before FTC are $336,000 (assume a 21% tax rate). What is Britta's U.S. tax liability after the FTC?

Quizplus · Accepted Answer

The Answer of Britta, Inc., a U.S. corporation, reports foreign-source income and pays foreign taxes as follows.
  
Britta's worldwide taxable income is $1,600,000 and U.S. taxes before FTC are $336,000 (assume a 21% tax rate). What is Britta's U.S. tax liability after the FTC?