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Night, Inc. a domestic corporation earned $300,000 from foreign manufacturing activities on which it paid $90,000 of foreign income taxes. Night's foreign sales income is
Night, Inc. a domestic corporation earned $300,000 from foreign manufacturing activities on which it paid $90,000 of foreign income taxes. Night's foreign sales income is taxed at a 50% foreign tax rate. What amount of foreign sales income can Night earn without generating any excess FTCs for the current year? Assume a 34% tax rate.
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