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Assume a US tax resident has $2 million of US income, and $4 million in foreign income that was subject to US tax. The
Assume a US tax resident has $2 million of US income, and $4 million in foreign income that was subject to US tax. The taxpayer's US tax rate is 20%, and the taxpayer's foreign tax rate is 10% What is the foreign tax credit? O $800,000 O $400,000 O $200,000 O $1.2 million
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