Write My Thesis:How much foreign tax credit will USCo be able to take in 2012, 2013 and 2014?

How much foreign tax credit will USCo be able to take in 2012, 2013 and 2014?

What is USCo’s post-credit US tax liability in 2012, 2013 and 2014?

In 2012, USCo, a US corporation, earned $1000 of US source income and $1000 of foreign source income.  USCo paid $200 of foreign tax on the foreign source income.

In 2013, USCo earned $1000 of US source income and $3000 of foreign source income.  USCo paid $1500 of foreign tax on the foreign source income.

In 2014,USCo earned $2000 of US source income and $2000 of foreign source income.  USCo paid $400 of foreign tax on the foreign source income.  Assume the US tax rate is 35%.

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