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67. Which one of the following statements regarding the foreign operations of Glencoe Corporation (a
domestic corporation) is correct?
a. Glencoe's earnings from its foreign operations are not subject to US income tax.
b. Glencoe may take a deduction, but not a credit, for the income taxes paid to a foreign
country.
c. Glencoe may take a credit, but not a deduction, for the income taxes paid to a foreign
country.
d. Glencoe may take either a deduction or a tax credit, but not both, for the income taxes paid
to a foreign country.
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