Taxpayer Q has net taxable income of $30,000 from Country Y which imposes a 40 percent income tax. In addition to the income from Country Y, taxpayer Q has net taxable income from US sources of $120,000, and US tax liability, before the foreign tax credit, of $30,290. What is the amount of Q's foreign tax credit?
A. $6,058
B. $8,350
C. $12,000
D. $30,290
E. None of the above
Answer: A
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In the CAPM, unsystematic risk
A. is also known as market risk. B. can be diversified away. C. is the risk to a stock's return that is attributable to the fluctuations in the overall stock market. D. is assumed to be zero.
Since service departments do not generate revenues, it is unnecessary to accumulate and allocate their costs.
Answer the following statement true (T) or false (F)
A variable cost increases in total and per-unit when output increases
Indicate whether the statement is true or false
Net income was $753,480 in the current year and $655,200 in the prior year. The year-to-year percentage change in net income is an increase of:
A. 55%. B. 87%. C. 15%. D. 13%.