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A U.S. corporation has a branch located in Country A.The branch generated pre-tax income of $2,000,000 on which it paid $200,000 in taxes to Country
A U.S. corporation has a branch located in Country A.The branch generated pre-tax income of $2,000,000 on which it paid $200,000 in taxes to Country A.How much tax is currently owed to the U.S. government if the U.S. federal tax rate is 21%?
A. $420,000
B. $220,000
C. $0
D. $620,000
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