How much income did puerto have to include in its u.s. tax

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Reference no: EM13342548

Puerto International has a branch in Mexico that manufactures a garage door alarm for people with mountain bike racks that fit on the top of their cars. The subsidiary earned $800,000 in 2000 before tax, with Mexican corporate tax rates at 40 percent. Taxes were paid evenly throughout the year. How much income did Puerto have to include in its U.S. taxable income in 2000, and what was the tax credit?

Reference no: EM13342548

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