Question: Reno Corporation, a U . S . corporation, reported total taxable income of $ 6 , 2 8 0 , 0 0 0 in the
Reno Corporation, a US corporation, reported total taxable income of $ in the current year. Taxable income included $ of foreign source taxable income from the company's branch operations in Canada. All of the branch income is foreign branch income. Reno paid Canadian income taxes of $ on its branch income. Compute Reno's net US tax liability and any foreign tax credit carryover. Assume an exchange rate of C$ $
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