Question: Same as Problem 32, except that Jimenez paid $2 million in income taxes to other countries. Problem 32 Jimenez Enterprises is incorporated in Arkansas. It

Same as Problem 32, except that Jimenez paid $2 million in income taxes to other countries.


Problem 32

Jimenez Enterprises is incorporated in Arkansas. It generated a $5 million profit on its overseas operations this year. Jimenez paid $1 million in income taxes to various countries on these profits. Jimenez’s marginal Federal income tax rate is 35%. Compute the Jimenez foreign tax credit and carryovers for the year.

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