Thanks Dave for the response. I was working through various scenarios based on what you have said.
Couple of questions: example only below
Income Section: Gross of say $50,000
Depletion of 15%: $7,500
Net Income of $42,500
For the Foreign Tax Credit, is the Gross Income the $50,000 or the $42,500?
If $50,000, do we re-enter depletion of $7,500 as a deduction?
If $42,500, I assume the depletion is not re-entered as it was done in the Income section. Correct?
Thanks so much
