Orion, Inc., a U.S. Corporation, reports foreign-source income and pays foreign taxes for the tax...
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Accounting
Orion, Inc., a U.S. Corporation, reports foreign-source income and pays foreign taxes for the tax year as follows.
Income Taxes
Passive Category: Income= $150,000 Taxes =$13,000
General Category: Income= $300,000 Taxes =$150,000
Orions worldwide taxable income is $600,000, and U.S. taxes before the FTC are $210,000 (assume a 35% rate). What is Orions U.S. tax liability after the FTC?
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