Business, 27.12.2020 16:10 wrightdarius78
Quantco, a domestic corporation, is an engineering consulting firm that has its main offices in San Diego, California. Because Quantco does a considerable amount of business in China, it has a branch office in Beijing. During the current year (2020), Quantco generates a total pre-tax profit of $100 million (all from active business operations), including $80 million of profits from its U. S. operations and $20 million of profits from its foreign branch in China. Assume the U. S. tax rate is 21% and the Chinese rate is 26%.
Required:
Compute Quantco's total foreign tax credit and excess credit and/or limitation (if any).
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