Night, Inc., a domestic corporation, earned $300,000 from foreign manufacturing activities on which it paid $36,000 of
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Night, Inc., a domestic corporation, earned $300,000 from foreign manufacturing activities on which it paid $36,000 of foreign income taxes. Night's foreign sales income is taxed at a 50% foreign tax rate. Both sales and manufacturing income are assigned to the general limitation basket. What amount of foreign sales income can Night earn without generating any excess ITCs for the current year? Assume a 21% U.S. rate.
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South-Western Federal Taxation 2019 Essentials Of Taxation Individuals And Business Entities
ISBN: 9781337702966
22nd Edition
Authors: William A. Raabe, James C. Young, Annette Nellen, David M. Maloney
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