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How much foreign tax credit can be taken on the corporation

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Question - A French branch of a US corporation paid $8,000,000 in income taxes to the government of France on $20 million of pre-tax income generated in France. The corporation is subject to a 21% tax rate in the US. How much foreign tax credit can be taken on the corporation's US tax return?

a. $0

b. $8,000,000

c. $4,200,000

d. $8,400,000

Reference no: EM132509973

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