Question
Zenon, Incorporated has the following taxable income: U.S. source income $ 2,100,000 Foreign source income 440,000 Taxable income $ 2,540,000 Required: Zenon paid $53,000 foreign
Zenon, Incorporated has the following taxable income:
| U.S. source income | $ 2,100,000 |
|---|---|
| Foreign source income | 440,000 |
| Taxable income | $ 2,540,000 |
Required:
Zenon paid $53,000 foreign income tax. Compute its U.S. income tax, assuming the foreign source income does not qualify as FDII.
Note: Do not round any intermediate division.
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Access Audit Handbook
Authors: Alison Grant
1st Edition
1859461778, 978-1859461778
