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Problem 13-15 (Algo) [LO 13-5, 13-6, 13-7] Elmo Inc. is a U.S. corporation with a branch office in foreign country Z. During the current year,

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Problem 13-15 (Algo) [LO 13-5, 13-6, 13-7] Elmo Inc. is a U.S. corporation with a branch office in foreign country Z. During the current year, Elmo had $351,000 of U.S. source income and $39,000 of foreign source income from Z, on which Elmo paid $18,200 of country Z income tax. Required: a. Calculate Elmo's U.S. tax liability before foreign tax credit, maximum foreign tax credit allowable, and net U.S. tax liability after foreign tax credit. b. If Elmo had paid only $4,680 of country Z income tax, calculate Elmo's foreign tax credit allowable and net U.S. tax liability after foreign tax credit. Complete this question by entering your answers in the tabs below. Required A Required B Calculate Elmo's U.S. tax liability before foreign tax credit, maximum foreign tax credit allowable, and net U.S. tax liabilit after foreign tax credit. (Do not round any intermediate division.) Amount U.S. tax liability before foreign tax credit Maximum foreign tax credit allowable Net U.S. tax liability after foreign tax credit

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