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During the year, purple corporation has a US source income of $900,000 and foreign income of $300,000. The foreign source income generates foreign income taxes
During the year, purple corporation has a US source income of $900,000 and foreign income of $300,000. The foreign source income generates foreign income taxes of $100,000. The US income tax before the foreign tax credit is $408,000. Purple corporations foreign tax credit is?
$75,000
$100,000
$102,000
$136,000
None of the above
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