A U.S. taxpayer benefited from the pre-2018 deferral of U.S. tax on foreign operations when such operations were conducted through a foreign _blank_. Multiple choice question. branch operation in a country with a tax rate lower than the U.S. rate subsidiary operating in a country with a tax rate lower than the U.S. rate subsidiary operating in a country with a tax rate higher than the U.S. rate branch operation in a country with a tax rate higher than the U.S. rate