GinnyCo reports a $100,000 income tax payable in the current year. In the current year, GinnyCo paid
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GinnyCo reports a $100,000 income tax payable in the current year. In the current year, GinnyCo paid $40,000 in income taxes to another country.
GinnyCo cannot use the foreign tax credit this year, and its auditors maintain that one-fourth of the credit carry forward will expire unused. Construct the journal entry to report these items?
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Related Book For 
South Western Federal Taxation 2017 Corporations, Partnerships, Estates And Trusts
ISBN: 9781305874336
40th Edition
Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young
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