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Calculate the amount of the foreign tax credit

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Reference no: EM132704004

Problem - Benny Franklin receives a Form 1099-DIV from his investment manager that lists foreign taxes paid of $432 and Benny's foreign investment earnings of $1,500. Benny had no other investment earnings and his total taxable income for the year is $58,000. Benny's tax liability before any foreign taxes is $8,700. Calculate the amount of the foreign tax credit.

Reference no: EM132704004

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