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Blunt, Inc. a U.S. corporation, earned $600,000 in total taxable income, including $80,000 in foreign-source taxable income from it's German branch's manufacturing operations and $30,000
Blunt, Inc. a U.S. corporation, earned $600,000 in total taxable income, including $80,000 in foreign-source taxable income from it's German branch's manufacturing operations and $30,000 in foreign-sourced taxable income from its Swiss branch's engineering services operations. Blunt paid $20,000 in German income taxes and $1,800 in Swiss income taxes. Compute Blunt's U.S. tax liability after any available FTCs. Blunt's federal income tax rate is 21%.
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