Question

Fleming, Inc., a domestic corporation, operates in both Canada and the United States. This year, the business generated taxable income of $400,000 from foreign sources and $300,000 from U.S. sources. All of Fleming's foreign-source income is in the general limitation basket. Fleming's total worldwide taxable income is $700,000. Fleming pays Canadian taxes of $152,000. What is Fleming's allowed FTC for the tax year? Assume a 35% U.S. income tax rate.


$1.99
Sales9
Views313
Comments0
  • CreatedMay 25, 2015
  • Files Included
Post your question
5000