Appleton Corporation, a U

question 47

Essay

Appleton Corporation, a U.S. corporation, reported total taxable income of $10,000,000 in 2014. Taxable income included $2,500,000 of foreign source taxable income from the company's branch operations in the United Kingdom. All of the branch income is general category income. Appleton paid U.K. income taxes of $750,000 on its branch income. Compute Appleton's net U.S. tax liability and any foreign tax credit carryover for 2014. Assume a U.S. corporate tax rate of 34%.

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Definitions:

Self-esteem

An individual's subjective evaluation of their own worth or personal value.

Self-image

An individual's conception or mental image of themselves, including beliefs about their attributes and how they are perceived by others.

Looking-glass Self

A social psychological concept suggesting that people form their self-image based on how they believe others perceive them.

Self-awareness

The conscious knowledge of one’s own character, feelings, motives, and desires.