1) When excess tax credits go unused, the foreign tax liability for a foreign subsidiary is greater than the corresponding U.S. tax liability when the foreign income tax rate is greater than the U.S. rate. Calculate the total tax liability for a wholly-owned foreign subsidiary when excess tax credits cannot be used in a country given: U.S. tax rate =35 percent Foreign tax rate =39 percent Withholding tax rate =5 percent A) 42.05 percent B) 43.36 percent C) 35.00 percent D) 44.00 percent