(9) Wh of the following statements regarding the foreign operations of Gem Corp. a U.S corporation, is correct? a. Gem's earnings from its foreign operations are not subject to U.S. income tax. b. Gem may take a deduction, but not a credit, for the income taxes paid to a foreign country. c. Gem may take a credit, but not a deduction, for the income taxes paid to a foreign country d. Gem may take either a deduction or a tax credit, but not both, for the income taxes paid to a foreign country. 10) Which of the following would allow a U.S. corporation that is a shareholder of a Controlled Foreign Corporation (CFC) to defer U.S. tax? a. The CFC generates taxable income in a foreign jurisdiction with a tax rate higher than the shareholder's U.S. tax rate. b. The income of the CFC is not Subpart F income. c. The CFC distributes after tax earnings to the shareholder d. All of the above are necessary if the shareholder is to defer U.S. income taxes on CFC income