Gameco, a U.S. corporation, operates gambling machines in the United States and abroad. Gameco conducts its operations in Europe through a Dutch B.V., which is treated as a branch for U.S. tax purposes. Gameco also licenses game machines to an unrelated company in Japan. During the current year, Gameco paid the following foreign taxes, translated into U.S. dollars at the appropriate exchange rate:
Foreign Taxes ____________________________________________Amount (in $)
National income taxes ............................................................ 1,000,000
City (Amsterdam) income taxes ................................................... 100,000
Value-added tax ..................................................................... 150,000
Payroll tax (employer's share of social insurance contributions) ............ 400,000
Withholding tax on royalties received from Japan .............................. 50,000
Identify Gameco's creditable foreign taxes.