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            During 2019, Green Corporation (a U.S. corporation) has U.S.-source taxable income of $750,000 and foreign-source...

            During 2019, Green Corporation (a U.S. corporation) has U.S.-source taxable income of $750,000 and foreign-source taxable income of $500,000, for a total taxable income of $1,250,000. The foreign-source income generates foreign income taxes of $240,000. Green Corporation’s allowable foreign tax credit is:

a.         $105,000.

b.         $160,000.

c.         $170,000.

d.         $262,500.

e.         $500,000.

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Answer is Option C - $170,000.

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