(Answered) Question - chipco paid 15 million of foreign taxes on its

Accounting

Question - Chipco paid $15 million of foreign taxes on its foreign-source manufacturing profits and $2 million of foreign taxes on its foreign- source passive investment income. Assume that the U.S. tax rate is 35%.

Compute Chipco's total foreign tax credit, as well as the amount of excess credits (or excess limitation) in each separate basket of income.

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