View the step-by-step solution to: Taxpayer Q has net taxable income of $30,000 from Country Y which

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 U.S. sources of $120,000, and U.S. tax liability, before the foreign tax credit, of $41,750. What is the amount of Q’s foreign tax credit?
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