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Question: Kim, a U.S. citizen and resident, owns and operates a novelty goods business. During 2016, Kim re…
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south western federal taxation 2017
Question: Kim, a U.S. citizen and resident, owns and operates a <a href=novelty goods business. During 2016, Kim re…” />

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Show transcribed image text Kim, a U.S. citizen and resident, owns and operates a novelty goods business. During 2016, Kim reports taxable income of $100,000: $50,000 from foreign sources and $50,000 from U.S. sources. In calculating taxable income, the standard deduction is used. The income from foreign sources is subject to foreign income taxes of $26,000. For 2016, Kim files a joint return claiming his three children as dependents. a. Assuming that Kim chooses to claim the foreign taxes as an income tax credit, what is his income tax liability for 2016?

Kim, a U.S. citizen and resident, owns and operates a novelty goods business. During 2016, Kim reports taxable income of $100,000: $50,000 from foreign sources and $50,000 from U.S. sources. In calculating taxable income, the standard deduction is used. The income from foreign sources is subject to foreign income taxes of $26,000. For 2016, Kim files a joint return claiming his three children as dependents. a. Assuming that Kim chooses to claim the foreign taxes as an income tax credit, what is his income tax liability for 2016?

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