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Business, 18.06.2021 01:10 brazilmade1

Dunne, Inc., a U. S. corporation, earned $500,000 in total taxable income, including $50,000 in foreign-source taxable income from its branch manufacturing operations in Brazil and $20,000 in foreign-source income from interest earned on bonds issued by Dutch corporations. Dunne paid $25,000 in Brazilian income taxes and $3,000 in Dutch income taxes. Dunne's U. S. tax rate is 21%. a. The FTC limit related to the Brazilian manufacturing branch is $ and of this amount, Dunne is allowed $___.
b. The FTC limit related to the Dutch bonds is $ and of this amount Dunne is allowed $.
c. Dunne's U. S. tax liability (after any available FTC) is $.
d. Dune has a $carryforward or carryback in the general limitation basket.

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Dunne, Inc., a U. S. corporation, earned $500,000 in total taxable income, including $50,000 in fore...
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