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need answer, thank you! Aqua, a South Carolina corporation, is a 20 percent partner in a Swiss partnership. This year, Aqua earned $2 million U.S,
need answer, thank you!
Aqua, a South Carolina corporation, is a 20 percent partner in a Swiss partnership. This year, Aqua earned $2 million U.S, source income and $190,000 foreign source income. It paid no foreign income tax. The $ wis partnership earned $1.73 million foreign source income and paid $460,000 income tax to $ witzerland, France, and Austria. Required: Compute Aqua's U.S. tax, assuming the foreign source income does not qualify as FDII. Note: Do not round any intermediate division. Consider intermediate values in dollars and not in millions. Enter your final answer also in dollars and not in millions of dollars Step by Step Solution
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