CoolCo, Inc. is a U.S. corporation that also operates in a foreign
country that has a 54% tax on income. For its tax year ending December
31, 2002, CoolCo had total taxable income before deducting any foreign
taxes paid of $900,000, $150,000 of which is foreign source.
CoolCo's managers are not sure whether it should deduct the foreign
taxes or take the credit. In preparation for your meeting with them,
calculate the company's taxes both ways and prepare a memo advising
them of the best treatment.

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