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Waco Leather Inc., a U.S. corporation, reported total taxable income of $4.95 million. Taxable income...

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Accounting

Waco Leather Inc., a U.S. corporation, reported total taxable income of $4.95 million. Taxable income included $1.75 million of foreign source taxable income from the companys branch operations in Mexico. All of the branch income is foreign branch income. Waco paid Mexican income taxes of $350,000 on its branch income. Compute Wacos allowable foreign tax credit

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