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Foreign Tax Credit Limitation. During the current year, Jackson, a U.S. corporation and accrual method taxpayer, engages in both U.S. and foreign business activities. All its overseas activities are conducted by a branch in Country S. The results of Jackson's current year operations are as follows:
U.S. source taxable income $2,000,000
Foreign source taxable income $1,500,000
Accrued Country S income taxes $600,000
a. What is the amount of Jackson's foreign tax credit (assuming the corporate tax rate is 34% and income from all foreign activities fall into a single basket?)
b. Are any foreign tax credit carrybacks or carryovers available? If so, in what years can they be used?
Corporate taxes
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