Compute wacos allowable foreign tax credit

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Question: Waco Leather Inc., a U.S. corporation, reported total taxable income of $5.8 million. Taxable income included $2.3 million of foreign source taxable income from the company's branch operations in Mexico. All of the branch income is foreign branch income. Waco paid Mexican income taxes of $437,000 on its branch income.

Compute Waco's allowable foreign tax credit.

Reference no: EM133347037

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