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IBM Corp., a U.S. taxpayer, pays foreign taxes of $50,000 on foreign-source general basket income of $90,000. IBMs worldwide taxable income is $450,000, on which
IBM Corp., a U.S. taxpayer, pays foreign taxes of $50,000 on foreign-source general basket income of $90,000. IBMs worldwide taxable income is $450,000, on which it owes U.S. taxes of $157,500 before FTC. Please calculate IBMs allowable foreign tax credits.
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