Orion, Inc., a U.S. corporation, reports foreign-source income and pays foreign taxes for the tax year as

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Orion, Inc., a U.S. corporation, reports foreign-source income and pays foreign taxes for the tax year as follows.

Income Taxes Passive basket General basket $ 13,000 150,000 $150,000 300,000

Orion's worldwide taxable income is $600,000, and U.S. taxes before the ITC are $126,000 (assume a 21% rate). What is Orion's U.S. tax liability after the ITC?

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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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Question Posted: Jun 14, 2019 12:15 PM

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Orion, Inc., a U.S. corporation, reports foreign-source income and pays foreign taxes for the tax year as

Question:

Income Taxes Passive basket General basket $ 13,000 150,000 $150,000 300,000

Step by Step Answer:

FTC x passive basket FTC is lesser of foreign taxes paid 13000 o...View the full answer

South-Western Federal Taxation 2019 Essentials Of Taxation Individuals And Business Entities

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