Orion, Inc., a U.S. corporation, reports foreign-source income and pays foreign taxes for the tax year as

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Orion, Inc., a U.S. corporation, reports foreign-source income and pays foreign taxes for the tax year as follows.

Orion's worldwide taxable income is $600,000, and U.S. taxes before the FTC are $210,000 (assume a 35% rate). What is Orion's U.S. tax liability after the FTC?

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South Western Federal Taxation 2018 Essentials Of Taxation Individuals And Business Entities

ISBN: 9781337386173

21st Edition

Authors: William A. Raabe, James C. Young, Annette Nellen, David M. Maloney

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Question Posted: May 25, 2015 07:37 AM

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Orion, Inc., a U.S. corporation, reports foreign-source income and pays foreign taxes for the tax year as

Question:

Passive category General category Income $150,000 300,000 Taxes $13,000 150,000

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FTC passive basket FTC is lesser of foreign taxes paid 13000 or ...View the full answer

South Western Federal Taxation 2018 Essentials Of Taxation Individuals And Business Entities

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