Grand Corporation Has $100,000 of U

Multiple Choice

Grand Corporation has $100,000 of U.S.source taxable income and $200,000 of foreign source taxable income from operations in Poland.Poland levied $80,000 in taxes on the foreign source income.U.S.taxes before credits are $105,000.The overall foreign tax credit limitation is

A) $35,000
B) $53,334
C) $70,000
D) $80,000
E) $105,000