Harley Davidson Corporation (based in the U.S.) just entered into a five-year contract to supply motorcycles to an Australian company. Harley Davidson will receive Australian dollar-denominated payments from the customer over the next five years. Harley Davidson can reduce its operating exposure by

		Entering into a forward contract to sell U.S. dollars and buy Australian dollars
		Entering into cross-currency swaps contracts to sell U.S. dollars and buy Australian dollars
		Entering into interest rate swap contracts to swap fixed interest rate cash flows for floating interest rate cash flows
		Buying call options on the Australian dollar
		Entering into cross-currency swap contracts to sell Australian dollars and buy U.S. dollars

A German company that wants to issue new public equity in the U.S. will have to list its shares under which program?

		Level 1 ADR
		Level 2 ADR
		Level 3 ADR
		SEC Rule 144a
		Unsponsored ADR

Trident Solar Technologies (TST) is the wholly-owned Taiwanese subsidiary of United Renewable Energy (URE) Inc., a U.S. firm.

Last year, TST had $2,000,000 of taxable income and paid 50% of the after-tax income to URE in dividends. The corporate tax rate in Taiwan was 25%, and the and the foreign withholding tax rate on dividends was 10%. The corporate tax rate for the parent company in the U.S. was 30%.

Calculate tax liability and excess foreign tax credit for URE, the U.S. parent company.

		The U.S. tax liability for URE was $0 and the excess foreign credit for URE was $40,000
		The U.S. tax liability for URE was $0 and the excess foreign credit for URE was $35,000
		The U.S. tax liability for URE was $0 and the excess foreign credit for URE was $30,000
		The U.S. tax liability for URE was $0 and the excess foreign credit for URE was $25,000
		The U.S. tax liability for URE was $60,000 and the excess foreign credit for URE was $0