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Problem 24-45 (LO 24-1) Waco Leather Inc., a U.S. corporation, reported total taxable income of...

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Accounting

Problem 24-45 (LO 24-1)

Waco Leather Inc., a U.S. corporation, reported total taxable income of $5.85 million. Taxable income included $1.95 million of foreign source taxable income from the companys branch operations in Mexico. All of the branch income is general category income. Waco paid Mexican income taxes of $585,000 on its branch income. Compute Wacos allowable foreign tax credit. Assume a U.S. corporate tax rate of 34 percent. (Do not round intermediate computations. Enter your answers in dollars and not in millions of dollars.)

Foreign tax credit

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