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Mackinac Corporation, a U.S. corporation, reported total taxable income of $5 million. Taxable income included...

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Accounting

Mackinac Corporation, a U.S. corporation, reported total taxable income of $5 million. Taxable income included $1.5 million of foreign source taxable income from the companys branch operations in Canada. All of the branch income is foreign branch income. Mackinac paid Canadian income taxes of $375,000 (as translated) on its branch income. Compute Mackinacs allowable foreign tax credit.

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