Refer to the facts in the preceding problem. Compute U.S. income tax if Jackson conducted its foreign operations through a foreign subsidiary that made no shareholder distributions during the current year and had no GILTI or subpart F income?

Data from Prob. 13

Jackson Inc. has the following taxable income.

U.S. source income ................................ $18,800,000
Foreign source income .........................      2,690,000
Taxable income ...................................... $21,490,000

Jackson paid $1,040,000 foreign income tax. Compute its U.S. income tax, assuming the foreign source income does not qualify as FDII.