Jenna paid foreign income tax of $2,997 on foreign income of $14,986. Her worldwide taxable...
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Jenna paid foreign income tax of $2,997 on foreign income of $14,986. Her worldwide taxable income was $120,800, and her U.S. tax liability was $30,000. Required: What is the amount of the foreign tax credit (FTC) allowed? What would be the allowed FTC if Jenna had paid foreign income tax of $5,900 instead? Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.
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