Question
28.A French branch of a US corporation paid $8,000,000 in income taxes to the government of France on $20 million of pre-tax income generated in
28.A French branch of a US corporation paid $8,000,000 in income taxes to the government of France on $20 million of pre-tax income generated in France. The corporation is subject to a 21% tax rate in the US.
How much foreign tax credit can be taken on the corporation's US tax return?
a. $0
b. $8,000,000
c. $4,200,000
d. $8,400,000
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Accounting for Governmental and Nonprofit Entities
Authors: Jacqueline L. Reck, James E. Rooks, Suzanne Lowensohn, Daniel Neely
18th edition
1260190080, 1260190083, 978-1259917059
