Jim has foreign income. he earns $26,000 from country a which taxes the income at a 20 percent rate. he also has income from country b of $18,000. country b taxes the $18,000 at a 10 percent rate. his us taxable income is $90,000, which includes the foreign income. his us income tax on all sources of income before credits is $19,000. what is his foreign tax credit?

$7000

Explanation:

Given that,

Earns from country A (x) = $26,000

Income Tax rate in country A = 20 percent

Earns from country B (y) = $18,000

Income Tax rate in country B = 10 percent

Jim's US taxable income (I) = $90,000

His US income tax on all sources of income before credits (F) = $19,000

Foreign tax credit :

⇒ Earns from country A × Income Tax rate in country A + Earns from country B × Income Tax rate in country B

= 26,000 × 20% + 18,000 × 10%

= $7000

or

⇒

=

= $9288.8

Therefore, foreign tax credit is lesser of the above, i.e $7000.

the correct answer is:

it required the president to inform congress within forty-eight hours of any new troop commitment.

the war powers resolution (1973) is a federal law designed to limit the u.s. president’s ability to initiate or intensify military actions abroad without the approval of the congress.

it establishes that the president can send armed forces into action abroad only by declaration of war by congress, statutory authorization, or in case of a national emergency created by attack upon the united states, its territories or possessions, or its armed forces.

it requires the president to notify congress within 48 hours of sending armed forces to military action.