Santa Fe Corporation manufactured inventory in the United States and sold the inventory to customers...
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Accounting
Santa Fe Corporation manufactured inventory in the United States and sold the inventory to customers in Mexico. Gross profit from the sale of the inventory was $228,000. Title to the inventory passed FOB: shipping point. How much of the gross profit is treated as foreign source income for purposes of computing the corporation's foreign tax credit in the current year?
Multiple Choice
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$0.
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$114,000.
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$228,000.
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The answer cannot be determined with the information provided.
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