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Hi - Please show working. Thanks, A U.S. corporation is subject to an income tax rate of 35% and has a branch in the U.K.
Hi - Please show working. Thanks,
A U.S. corporation is subject to an income tax rate of 35% and has a branch in the U.K. which paid the national corporate tax rate of 30% on its earnings there. The branch generated taxable income from operations in the U.K. equivalent to $2,000,000. What is the amount of the taxes owed to the U.S. government on the income generated in the U.K.? A) $600,000 B) $700,000 C) $100,000 D) $0
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