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Eli Lilly''s Worldwide Treasury organization is integrating the effects of foreign tax credits into its lease-versus-purchase analysis for new equipment. The case serves as a review of discounted-cash-flow analysis for operating leases as well as an introduction to the effects of foreign tax credits on an international corporation''s overall tax payments. The student must adapt a spreadsheet by allocating leasing, depreciation, and interest expenses to compute their effect on Lilly''s excess foreign tax credits and, hence, its overall tax liability.