Omaha Inc., a domestic corporation, has worldwide taxable income of $1,300,000, including a $400,000 dividend from Montreal, Ltd., a § 902 noncontrolled foreign corporation.Omaha's U.S.tax liability before FTC is $455,000.Omaha owns 15% of Montreal.Montreal's post-1986 E & P after taxes is $10,000,000.It has paid foreign taxes of $6,000,000 attributable to post-1986 E & P.Omaha's deemed-paid foreign taxes with regard to the dividend from Montreal are:

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The Answer of Omaha Inc., a domestic corporation, has worldwide taxable income of $1,300,000, including a $400,000 dividend from Montreal, Ltd., a § 902 noncontrolled foreign corporation.Omaha's U.S.tax liability before FTC is $455,000.Omaha owns 15% of Montreal.Montreal's post-1986 E & P after taxes is $10,000,000.It has paid foreign taxes of $6,000,000 attributable to post-1986 E & P.Omaha's deemed-paid foreign taxes with regard to the dividend from Montreal are:

Omaha Inc, a Domestic Corporation, Has Worldwide Taxable Income of $1,300,000