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Goolsbee, Inc

Question 77

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Goolsbee, Inc., a U.S. corporation, generates U.S.-source and foreign-source gross income. Goolsbee's assets (tax basis) are as follows.
Goolsbee, Inc., a U.S. corporation, generates U.S.-source and foreign-source gross income. Goolsbee's assets (tax basis) are as follows. Goolsbee incurs interest expense of $200,000. Apportion interest expense to foreign-source income.
Goolsbee incurs interest expense of $200,000. Apportion interest expense to foreign-source income.

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