Compute Appleton net US tax liability

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Problem 1: Appleton Corporation, a U.S. corporation, reported total taxable income of $10,000,000 in 2018. Taxable income included $2,500,000 of foreign source taxable income from the company's branch operations in the United Kingdom. All of the branch income is foreign branch income. Appleton paid U.K. income taxes of $500,000 on its branch income. Compute Appleton's net U.S. tax liability and any foreign tax credit carryover for 2018.

Reference no: EM132703588

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