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By the end of 2017, Klein, a domestic corporation, had accumulated $10 mil-lion in cash from the overseas operations of its Liberia subsidiary. Klein made
By the end of 2017, Klein, a domestic corporation, had accumulated $10 mil-lion in cash from the overseas operations of its Liberia subsidiary. Klein made no distributions of these accumulated funds during 2017. Compute the one-time transition tax liability that was incurred by Klein.
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