Solution-Compute Brandy foreign tax credit

Compute Brandy foreign tax credit

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Reference no: EM132648061

Problem - Brandy, a U.S. corporation, operates a manufacturing branch in Chad, which does not have an income tax treaty with the United States. Brandy's worldwide Federal taxable income is $30,000,000; it is subject to a 21% marginal tax rate. Profits and taxes in Chad for the current year are summarized as follows.

Income Item	Chad Income This Year	Chad Tax Rate	Chad Tax Paid
Manufacturing profits	$2,500,000	20%	$500,000
Dividend	300,000	5%	15,000

Required - Compute Brandy's foreign tax credit associated with its operations in Chad.

Reference no: EM132648061

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Compute Brandy foreign tax credit

Reference no: EM132648061

Reference no: EM132648061

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