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Jovar Inc., a U.S. multinational, began operations this year. Jovar had pretax U.S. source income and foreign source income as follows.
Corporate tax rate schedule.
U.S. source income $ 600,000
Foreign source income-Country O 100,000
Total $ 700,000
Jovar paid $50,000 income tax to Country O. Compute Jovar's U.S. tax liability if it takes the foreign tax credit.
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