I think you might need to deduct the foreign income tax credit...

I think you might need to deduct the foreign income tax credit after you calculate your notional tax, because it's a credit not a deduction.

To adapt your example:

19.5 taxable income at your notional 30% tax rate makes 5.85 cents.

Then deduct the tax credit of 2.5 cents, to give 3.35 cents.

As a percentage of the 9 cents cash distribution, this gives 37.2%.

But, as Coppertop has pointed out, the 19 cents taxable income may also include some capital gains, which if you(like most of us schmucks) have a load of capital losses, you will be able to write off against those losses, thereby reducing the effective tax rate even further.

Not advice, just joining the collective struggle to figure it out.