WeBNuts, Inc., a U.S. corporation, receives $500,000 of foreign-source interest income, on which foreign taxes...
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WeBNuts, Inc., a U.S. corporation, receives $500,000 of foreign-source interest income, on which foreign taxes of $5,000 are withheld. WeBNutss worldwide taxable income is $900,000, and its U.S. Federal income tax liability before FTC is $270,000. What is WeBNuts,s foreign tax credit(FTC)? Explain your answer.
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