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Fleming, Inc., a domestic corporation, operates in both Canada and the United States. This year, the business generated taxable income of $400,000 from foreign sour-
Fleming, Inc., a domestic corporation, operates in both Canada and the United States. This year, the business generated taxable income of $400,000 from foreign sour- ces and $300,000 from U.S. sources. All of Flemings foreign-source income is in the gen- eral limitation basket. Flemings total worldwide taxable income is $700,000. Fleming pays Canadian taxes of $152,000. What is Flemings allowed FTC for the tax year? Assume a 35% U.S. income tax rate.
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