Axtell Corporation has the following taxable income U S source income
Axtell Corporation has the following taxable income:
U.S. source income ……………… $1,620,000
Foreign source income:
Country A ………………………. 550,000
Country B ……………………….. 2,000,000
Country C ………………………. 2,900,000
Taxable income ………………….. $7,070,000
Axtell paid $600,000 income tax to Country B and $1.3 million income tax to Country C. Country A does not have a corporate income tax. Compute Axtell’s U.S. income tax.
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