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Problem 13-12 (Static) [LO 13-7] Zenon Incorporated has the following taxable income: U.S: source incone Foreign source income Taxable incone Required: $1,900,000 240,000 $
Problem 13-12 (Static) [LO 13-7] Zenon Incorporated has the following taxable income: U.S: source incone Foreign source income Taxable incone Required: $1,900,000 240,000 $ 2,140,000 Zenon paid $33,000 foreign income tax. Compute its U.S. Income tax, If Zenon conducted its foreign operations through a foreign subsidiary that made no shareholder distributions during the current year and had no GILTI or subpart F Income. US income tax
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