Solution-How much foreign tax credit on tax return

How much foreign tax credit on tax return

Reference no: EM132510228

Question - A French branch of a U.S. 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 U.S.

How much foreign tax credit can be taken on the corporation's U.S. tax return?

A. $0

B. $8,000,000

C. $4,200,000

D. $8,400,000

Reference no: EM132510228

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How much foreign tax credit on tax return

Reference no: EM132510228

Reference no: EM132510228

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