15 A U.S. corporation is subject to an income tax rate of 35% and has a branch in the U.K., which paid the national corporate tax rate of 30% on its earnings there. The branch generated taxable income from operations in the U.K. equivalent to $5,000,000. What is the amount of the taxes owed to the U.S. government on the income generated in the U.K.? 16 The subsidiary of a U.S. corporation located in Country Y generated income of $1,000,000 on which it paid $400,000 (40%) in taxes to Country Y. The subsidiary paid a dividend to the U.S. parent of $84,000. How much tax is currently owed to the U.S. government if the federal tax rate is 35%