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

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The Answer of 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

Grand Corporation Has $100,000 of U