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Colorfast Inc. is associated with two other Canadian controlled private corporations. They have agreed to allow Colorfast to claim $228,592 of the total annual business

Colorfast Inc. is associated with two other Canadian controlled private corporations. They have agreed to allow Colorfast to claim $228,592 of the total annual business limit. The foreign jurisdiction withheld tax of $39,728 from the US-source business income and $3,365 from the foreign non-business (interest) income. Assume that the foreign tax credits for business and non-business income are equal to the amounts withheld.

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