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Determine King Street Bakery US foreign tax credit

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Question - King Street Bakery, Inc., a U.S. company, has a branch located in Cabo Marco and another in the Windswept Islands. The before-tax income earned by the Cabo Marco branch is $100,000, and the before-tax income generated by the Windswept Islands branch is $200,000. The corporate tax rates in Cabo Marco, the Windswept Islands, and the United States are 16 percent, 10 percent, and 21 percent, respectively.

Required - Determine King Street Bakery's (a) U.S. foreign tax credit and (b) net U.S. tax liability related to these foreign sources of income.

Reference no: EM133068475

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