Entity	Country	Percent Owned	Activity	Income before Tax ($ millions)	Income Tax Rate	Dividend Withholding Tax Rate	Net Amount Received by Parent ($ millions)
USIC	USA	-	Manufacturing	$10.00	35%	-	-
A	Argentina	100%	Manufacturing	$1.00	35%	0%	$0.20
B	Brazil	100%	Manufacturing	$2.00	34%	0%	$2.50
C	Canada	100%	Manufacturing	$3.00	26%	5%	$1.00
D	Hong Kong	100%	Investment	$2.00	16.50%	0%	$1.50
E	Liechtenstein	100%	Distribution	$3.00	10%	4%	$ -
F	Japan	51%	Manufacturing	$2.00	38%	5%	$0.50
G	New Zealand	60%	Banking	$4.00	28%	5%	$1.00
Additional Information
1	USIC has $10 million income before tax is derived from the production and sale of products in the United States
2	Each entity is legally incorporated in its host country other than Entity A, which is registered with the Argentinian government as a branch
3	Entities A, B, C, and F produce and market products in their home countries
4	Entity D makes passive investments in stocks and bonds in the Hong Kong financial markets Income is derived solely from dividends and interest
5	Entity E markets good purchased from (manufactured by) USIC Of Es sales, made in Liechtenstein
6	Entity G operates in the chemical industry in New Zealand
Required:
Determine the following:
a	The amount of U.S. taxable income for each Entity A-G
b	The foreign tax credit allowed in the United States, first by basket and then in total
c	The net U.S. tax liability
d	Any excess foreign tax credits (identify by basket)