(15) Kunst, a U.S. corporation, generates $100,000 of foreign-source income in the general income basket...
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(15) Kunst, a U.S. corporation, generates $100,000 of foreign-source income in the general income basket and $40,000 of foreign-source income in the passive income basket. Kunsts worldwide taxable income is $1,200,000, and its U.S. tax liability before FTC is $420,000. Foreign taxes attributable to the general income basket are $60,000 and to the passive income are $4,000. What is Kunsts foreign tax credit for the tax year? a. $64,000 b. $39,000 c. $35,000 d. $4,000
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