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Elmo Inc. is a U.S. corporation with a branch office in foreign country...

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Elmo Inc. is a U.S. corporation with a branch office in foreign country Z. During the current year, Elmo had $437000 of U.S. source income and $49,500 of foreign source income from Z, on which Elmo paid $23,100 of country Z income tax. a. Calculate Elmo's U.S. tax liability before foreign tax credit, maximum foreign tax credit allowable, and net U.S. tax liability after foreign tax credit. b. If Elmo had paid only $7,095 of country Z income tax, calculate Elmo's foreign tax credit allowable and net U.S. tax liability after foreign tax credit

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