Tailor johnson, a u. s. maker of fine menswear, has a subsidiary in ethiopia. this year, the subsidiary reported and repatriated earnings before interest and taxes (ebit) of 250 million ethiopian birrs. the current exchange rate is 7.6288 birrs/dollar or upper s equals $ 0.1311 divided by birr. the ethiopian tax rate on this activity is 24 %. u. s. tax law requires tailor johnson to pay taxes on the ethiopian earnings at the same rate as on profits earned in the united states, which is currently 37 %. however, the united states gives a full tax credit for foreign taxes paid up to the amount of the u. s. tax liability. what is tailor johnson's u. s. tax liability on its ethiopian subsidiary?
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Your own record of all your transactions. a. check register b. account statement
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Tailor johnson, a u. s. maker of fine menswear, has a subsidiary in ethiopia. this year, the subsidi...
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