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Compute Dunne US tax liability after any available FTCs

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Reference no: EM132664293

Problem - Dunne, Inc., a U.S. corporation, earned $500,000 in total taxable income, including $50,000 in foreign-source taxable income from its branch manufacturing operations in Brazil and $20,000 in foreign-source income from interest earned on bonds issued by Dutch corporations. Dunne paid $25,000 in Brazilian income taxes and $3,000 in Dutch income taxes. Compute Dunne's U.S. tax liability after any available FTCs. Dunne's U.S. tax rate is 21%.

Reference no: EM132664293

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