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Canadian income taxes

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SMALLco is a domestic corporation that has elected S corporation status. SMALLco wholly owns a Canadian corporation, CANco. CANco earns $100,000 of income during the year and pays $40,000 in Canadian income taxes. CANco distributes a $60,000 dividend to SMALLco. The Canadian income taxes of $40,000 are eligible to be taken as a foreign tax credit by:

(a) SMALLco.

(b) shareholders of SMALLco.

(c) both SMALLco and SMALLco's shareholders.

(d) neither SMALLco nor its shareholders.

Reference no: EM13973992

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