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LO.4 Jimenez Enterprises is incorporated in Arkansas. It generated a $5 millionprofit on its overseas operations this year. Jimenez paid $2 million in income taxes

LO.4 Jimenez Enterprises is incorporated in Arkansas. It generated a $5 millionprofit on its overseas operations this year. Jimenez paid $2 million in income taxes tovarious countries on these profits. Jimenezs marginal Federal income tax rate is35%. Compute the Jimenez foreign tax credit and carryovers for the year.

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