boca corporation a us corporation reported us taxable income 1000000 in the current year boca also received a dividends of 100000 from the corporation's 100 percent owned subsidiary in Italy the dividend qualifies for the 100 percent dividends received deduction the Italian government imposed a withholding tax of 5000 on the dividend compute boca corporations net us tax liability for the current year 231000 227000 210000 205000

Boca Corporation, a US. corporation, reported U.S. taxable income of $1,000,000 in the current year. Boca also received a dividend of $100,000 from the corporation's 100 percent owned subsidiary in Italy. The dividend qualifies for the 100 percent dividends received deduction. The Italian government imposed a withholding tax of $5,000 on the dividend. Compute Boca Corporation's net U.S. tax liability for the current year