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Compute the Jimenez foreign tax credit and carryovers

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Problem - Jimenez Enterprises is incorporated in Arkansas. It generated a $5 million profit on its overseas operations this year. Jimenez paid $1 million in income taxes to various countries on these profits. Jimenez's marginal Federal income tax rate is 21%. Compute the Jimenez foreign tax credit and carryovers for the year.

Reference no: EM132659601

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