What is collins allowable ftc for the current year

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Reference no: EM13130429

Collins, Inc., a domestic corporation, operates a manufacturing branch in Singapore. During the current year, the manufacturing branch produces a loss of $300000. Collins also earns interest income from investments in Europe, where it earns $800000 in passive income. Collins paid no foreign income taxes related to the Singapore branch, but it paid $64000 in foreign income taxes related to the passive income. Assuming that Collins pays US taxes at the 34% rate, what is Collins's allowable FTC for the current year?

Reference no: EM13130429

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