Polka Corporation is a 100 percent owned Polish subsidiary of Pierogi Inc., a U.S. corporation....
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Accounting
Polka Corporation is a 100 percent owned Polish subsidiary of Pierogi Inc., a U.S. corporation. During the current year, Polka paid a dividend of 421,250 to Pierogi. The dividend was subject to a withholding tax of 26,250. Assume an exchange rate of 1 = $1.50. Pierogi reported U.S. taxable income of $1,200,000, a. Compute Pierogi's net U.S. tax liability for the current year. b. Compute excess FTC, if any
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