12Zenon, Incorporated has the following taxable income:U.S. source income$ 1, 900, 0000.27Foreign source income240, 000pointsTaxable income$ 2, 140, 000Required:Zenon paid $33,000 foreign income tax. Compute its U.S. income tax, if Zenon conducted its foreign operations through a foreigneBooksubsidiary that made no shareholder distributions during the current year and had no GILTI or subpart F income.U.S. income taxAskPrintReferences 22 0.27 points eBook Ask s Print D References Velox, Incorporated began operations last year. For its first two taxable years, Velox's records show the following: Year 1 Year 2U.S. source income $ 300,000 $ 270,000Foreign source income 200,000 630,000Taxable income $ 500,000 $ 900,000Foreign income tax paid $ 62,000 $ 101,000 Required:Compute Velox's U.S. tax for both years, assuming the foreign source income does not qualify as FDII.Note: Do not round any intermediate calculations. 23 0.27 points eBook Ask - Print B References Minden Corporation's records show the following results for its first three years of operations: Year 1 Year 2 Year 3U.S. source income $ 180,000 $ 350,000 $ 800,000Foreign source income 92,000 500,000 680,000Taxable income $ 272,000 $ 850,000 $ 1,480,000Foreign tax paid $ 17,000 $ 52,000 $ 81,600 In year 4, Minden generated $2 million taxable income ($900,000 of which was foreign source) and paid $370,000 foreign income tax.Assume Minden's foreign source income does not qualify as FDII. Required:a. Compute Minden's U.S. tax for years 1, 2, and 3. b. Compute Minden's U.S. tax for year 4.c. Compute the refund generated by the carryback of the year 4 excess credit. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the refund generated by the carryback of the year 4 excess credit.Note: Do not round any intermediate calculations. Consider intermediate computations in dollars and not in millions. Enteryour final answer also in dollars and not in millions. Excess credit carryback to year 4 31 0.27 points D References Grandmere, a calendar year domestic corporation, owns 50 percent of Petit, Incorporated, a calendar year controlled foreigncorporation. At the end of 2017, Petit has accumulated $26 million of undistributed income and has $4.2 million of cash. Required: a. Compute Grandmere's mandatory inclusion amount related to ownership of Petit. b. Compute Grandmere's tax due on its mandatory inclusion amount. c. Beginning in 2017, determine Grandmere's installment payments of tax due on its mandatory inclusion amount. Complete this question by entering your answers in the tabs below. Required A Required B Required C Beginning in 2017, determine Grandmere's installment payments of tax due on its mandatory inclusion amount.Note: Consider intermediate values in dollars and not in millions. Enter your final answers also in dollars and not in millions ofdollars. 20232024 Total amount paid