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Bluebird, Inc., a domestic corporation, has worldwide taxable income of $8 million, including a $900,000 dividend from ForCo, a wholly-owned foreign corporation. ForCo's post-1986 undistributed E & P are $18 million and it has paid $12 million of foreign income taxes attributable to these earnings. What is Bluebird's deemed paid foreign tax credit related to the dividend received (before consideration of any limitation)?
a. $0.
b. $600,000.
c. $900,000.
d. $12 million
e. Some other amount.
Prepare a correct trial balance. (If answer is zero, please enter 0, do not leave any fields blank.)
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