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KengaRu [80]
3 years ago
6

Jimenez Enterprises is incorporated in Arkansas. It generated a $5,000,000 profit on its overseas operations this year. Jimenez

paid $2,000,000 in income taxes to other countries. Jimenez's marginal Federal income tax rate is 21%. Compute the Jimenez Enterprises' foreign tax credit and carryovers for the year.
Business
1 answer:
anygoal [31]3 years ago
3 0

Answer:

Consider the following explanation

Explanation:

Foreign tax credit allowable is the minimum of Federal Income Tax and Income tax paid in foreign country. Here, Jimenez had paid 40% (2,000,000/5,000,000) income tax in foreign country. So. Jimenez will only be eligible to take foreign tax credit of 1,050,000 i.e. 5,000,000 * 21% and there will be carryover of $950,000 (2,000,000 - 1,050,000) foreign taxes.

There is carryover tax when we cannot use the whole amount of foreign tax credit in the current year and the balance foreign tax is carried over to future years.

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