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Chapeau Company, a U . S . corporation, operates through a branch in Champagnia. The source rules used by Champagnia are identical to those used
Chapeau Company, a US corporation, operates through a branch in Champagnia. The source rules used by Champagnia are identical
to those used by the United States. For Chapeau has $ of gross income: $ from US sources and $ from
sources within Champagnia. The $ of US source income and $ of the foreign source income are attributable to
manufacturing activities in Champagnia foreign branch income The remaining $ of foreign source income is passive category
interest income. Chapeau had $ of expenses other than taxes, all of which are allocated directly to manufacturing income $
of which is apportioned to foreign sources Chapeau paid $ of income taxes to Champagnia on its manufacturing income. The
interest income was subject to a percent withholding tax of $
Compute Chapeau's total allowable foreign tax credit in
Note: Do not round any division. Round other intermediate computations to the nearest whole dollar amount.
Total foreign tax credit
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