Business, 23.07.2019 05:20 ashleypere99

Bismarck corporation has a precredit u. s. tax of $210,000 on $1,000,000 of taxable income in 2018. bismarck has $200,000 of foreign source taxable income characterized as foreign branch income and $50,000 of foreign source taxable income characterized as passive category income. bismarck paid $80,000 of foreign income taxes on the foreign branch income and $10,000 of foreign income taxes on the passive category income. what amount of foreign tax credit (ftc) can bismarck use on its 2018 u. s. tax return and what is the amount of the carryforward, if any?

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Bismarck corporation has a precredit u. s. tax of $210,000 on $1,000,000 of taxable income in 2018....