Ypsi Corporation Has a Precredit U

Essay

Ypsi Corporation has a precredit U.S. tax of $420,378 on $2,001,800 of taxable income in the current year. Ypsi has $418,000 of foreign source taxable income characterized as foreign branch income and $151,800 of foreign source taxable income characterized as passive category income. Ypsi paid $100,000 of foreign income taxes on the foreign branch income and $30,000 of foreign income taxes on the passive category income. What amount of foreign tax credit (FTC)can Ypsi use on its U.S. tax return and what is the amount of the FTC carryforward, if any? (Do not round intermediate calculations. Round your answer to nearest whole dollar amount.)