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Jimenez Enterprises is incorporated in Arkansas. It generated a $5,000,000 profit on its overseas operations this year. Jimenez paid $1,000,000 in income taxes to various
Jimenez Enterprises is incorporated in Arkansas. It generated a $5,000,000 profit on its overseas operations this year. Jimenez paid $1,000,000 in income taxes to various countries on these profits. Jimenez's marginal Federal income tax rate is 21%.
Compute the Jimenez foreign tax credit and carryovers for the year. If an amount is zero, enter "0".
Jimenez's current foreign tax credit is $____. Jimenez's foreign tax credit carryover is $____.
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