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Waco Leather Inc., a U.S. corporation, reported total taxable income of $4.8 million. Taxable income included $1.36 million of foreign source taxable income from the
Waco Leather Inc., a U.S. corporation, reported total taxable income of $4.8 million. Taxable income included $1.36 million of foreign source taxable income from the company's branch operations in Mexico. All of the branch income is foreign branch income. Waco paid Mexican income taxes of $244,800 on its branch income. Compute Waco's allowable foreign tax credit. (Enter your answer in dollars and not in millions of dollars.)
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