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Question: Maxim, Inc., a U.S. corporation, reports worldwide taxable income of $8 million, including a $900,000 dividend from ForCo, a wholly-owned foreign corporation. ForCo's undistributed E & P are $15 million and it has paid $6 million of foreign income taxes attributable to these earnings. What is Maxim's deemed paid foreign tax amount related to the dividend received (before consideration of any limitation)?

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Accounting Basics, Accounting

Category:- Accounting Basics
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