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Business, 01.12.2021 02:10 misst002

Provo Corporation, a U. S. corporation, received a dividend of $350,000 from its 100 percent owned German subsidiary. A withholding tax of $35,000 was imposed on the dividend. What are the U. S. tax consequences to Provo on receipt of the dividend, assuming the foreign tax credit limitation is not binding and the company breaks even on its U. S. operations

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Provo Corporation, a U. S. corporation, received a dividend of $350,000 from its 100 percent owned G...
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