A Japanese branch of a U.S. corporation earned $20,000,000 income before tax. The Japanese branch...
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A Japanese branch of a U.S. corporation earned $20,000,000 income before tax. The Japanese branch paid $8,000,000 in taxes to the government of Japan on income it generated there. The corporation is subject to a 21% tax rate in the U.S.
How much foreign tax credit can be taken in calculating the taxes owed to the U.S. on $20,000,000 of Japanese branch income?
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