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How much of the interest expense is allocated

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Problem - USCo incurred $100,000 in interest expense for the current year. The tax book value of USCo's assets generating foreign-source income is $5,000,000. The tax book value of USCo's assets generating U.S.-source income is $45,000,000. Corresponding fair market values for the assets are $3,000,000 and $33,000,000, respectively. How much of the interest expense is allocated and apportioned to foreign-source income?

Reference no: EM132648081

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