Euro Corporation, a U.S. corporation, operates through a branch in Germany. During 2022, the branch reported taxable income of $1,000,000 and paid German income taxes of $300,000. In addition, Euro received $50,000 of dividends from its 5 percent investment in the stock of Maple Leaf Company, a Canadian corporation. The dividend was subject to a withholding tax of $5,000. Euro reported U.S. taxable income from its manufacturing operations of $950,000. Total taxable income was $2,000,000. Pre-credit U.S. taxes on the taxable income were $420,000. Included in the computation of Euro’s taxable income were “definitely allocable” expenses of $500,000, 50 percent of which were related to the German branch taxable income.
Complete pages 1 and 2 of Form 1118 for just the foreign branch income reported by Euro. You can use the fill-in form available on the IRS website, www.irs.gov.

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EXHIBIT 24-1 Form 1118 (Rav. December 2021) Department of the Treasury Internal Revenue Service Nama of corporation 3D Corporation Use a separate Form 1118 for each applicable category of Income (see instructions). a Separate Category (Enter code-see instructions.). A B C Trob A B C Totals (add lines A through C) A b If code 901] is entered on line a, enter the country code for the sanctioned country (see Instructions) c If one of the RBT codes is entered on line a, enter the country code for the treaty country (see Instructions) Schedule A B C T APOTE Form 1118: Foreign Tax Credit-Corporations, Schedules A, B, and H for 3D Corporation (cumulative facts from Examples 24-3, 24-8, and 24-9) For calendar year 20 1. EIN or Reference ID Number (see Instructions" 6. Gross Rants, Royaltis, and License Foos Income or (Loss) Before Adjustments (Report all amounts in U.S. dollars. See Specific Instructions.) 2. Foreign country or U.S. Possession Jantar two-latter code- usa a separate line for ach) (no Instructions CN Dividends Received Deduction (see Instructions) (h) Curancy Loss Foreign Tax Credit-Corporations ► Attach to the corporation's tax return. ►Go to www.irs.gov/Form1118 for instructions and the latest information. or other tax yaar beginning 20 and onding 7. Salos 40,000 (b) Deduction Allowad Under Section 250(a)(1)(A)-Foraign Derived Intangible Income Currency Loss Code [Instruction) 40,000 8. Gross Income From Performance of Services (c) Deduction Allowed Under Section 250(18)-Global Intangible Low-Taxed Income 13. Alocable Deductions (continued) Other Allocable Deductions (attach schedule (Instructions) 3. Inclusions Under Sections 961(41) and 961A instructions) (P) Gross-up (action jaj Exclude Gross-Up 9. Currency Gain 13. Allocablo Deductions Gross Income or (Loss) From Sources Outside the United States (Total Allocable Deductions (add columns 13) through 15 and 13 (d) Depreciation, Deplation, and Amortization Rantal, Royalty, and Licensing Expansios 10,000 10. Currency Gain Code (see instructions) (0) Other Allocable Expenses 14. Apportioned Shara of Deductions jantar amount from applicable line of Schedule H, Part 1, column (b), and Schedule H, Part column (d 1,000 15. Not Operating Loss Daduction Employer identification number Cat No. 10000F 4. Dividend (soo instructions) 11. Other atach schedule) Expams Allocable to Sales Income 10,000 10,000 OMB No. 1546-0123 Attachment Sequence No. 118 16. Total Deductions [add columns 130 through 16) 11,000 FB 5. Interest 12. Total (add columns (a) through 9 and 11) 40,000 40,000 (g) Expansus Allocatio to Gross Income From Performance of Services 17. Tutal income or Loss Batore Adjustments (subtract column 16 from column 12) 29,000 10,000 1,000 11,000 29,000 *For section 863(b) income, NOLS, income from RICs, high-taxed income, section 951A, and roattribution of income by reason of disregarded payments, use a single line (see instructions). Also, for reporting branches that are QBUs, use a separate line for each such branch. For Paperwork Reduction Act Notice, see separate instructions. Form 1118 (Rav. 12-2021)