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Cardinal enterprises is incorporated in Missouri. It generated a $4 million profit on its overseas operations this year. Cardinal paid $2 million in income taxes
Cardinal enterprises is incorporated in Missouri. It generated a $4 million profit on its overseas operations this year. Cardinal paid $2 million in income taxes to various countries on these profits. Cardinals marginal Federal income tax rate is 35%. The $4 million after-tax profit is repatriated back to the U.S. this year. Compute Cardinals foreign tax credit and carryover(if any) for this year.
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