I need this ASAP!!!!

Chapter 10 introduces multinational tax planning and investment decisions and Chapter 11 describes tax credits and income shifting. . To properly serve clients and employers CPAs must be able to evaluate multijurisdictional tax situations and recommend business structures within that multijurisdictional environment that will result in the lowest overall tax liability for the employer or client.

Instructions

1. Use the problems assignment sheet and answer sheet template provided inResources(above). These will identify the problems in the textbook to be completed.
2. Using the answer sheet template enter formulas or numbers required to complete the problem. If the questions require a written component, enter your written responses in the area indicated.
3. When you have completed your work, save a copy for yourself and submit a copy to your instructor using theDropboxby the end of the workshop

Type your name here------> Points earned --> 50 Read the instructions and hints before attempting to complete the solution. Enter your responses and answers in the areas specified. There are 50 total points for this assignment. The point value of each exercise is determined by dividing the 50 points by the number of exercises per assignment. If you have difficulty with any of the exercises, take advantage of the collaboration discussion forum. Workshop 5 10 Multinational tax planning: introduction and investment decisions 1, 2, 5 11 Multinational tax planning: tax credit limitations and income shifting 1, 3 Chapter 10 Exercise 1 points possible 10 deductions Points earned 10 1. California Graphics is a U.S. corporation with $200 million of U.S.-source income and $10 million of foreign-source income. In addition, California Graphics has three-quarters ownership of a Canadian partnership that has total pretax income of $30 million, all of which are Canadian-source income and subject to a 40% Canadian tax rate. The Canadian partnership repatriates $5 million back to California Graphics in the current year. For U.S. purposes, California Graphics treats the Canadian partnership as a partnership under the check-the-box regulations. a. How much taxable income will California Graphics report on its U.S. tax return? b. Suppose that, instead of treating the Canadian partnership as a partnership, California Graphics elects to treat it as a corporation for U.S. purposes. How much taxable income will California Graphics report on its U.S. tax return? a. How much taxable income will California Graphics report on its U.S. tax return? 50% ownership. check amount: 1.62 b. How much taxable income will Michigan Motors report on its U.S. tax return? no formula required Hint: Foreign subsidiaries and less than 80% owned domestic subsidiaries cannot be consolidated for U.S. tax purposes. Chapter 10 Exercise 5 5. Illinois Steel is a specialty steel manufacturer that does business in the United States, Canada, points possible deductions Points Illinois earnedSteel, is incorporated in Illinois and Brazil. Illinois Steel is organized as follows. The parent, 10 and had pretax income from its U.S. operations of $5 million 10 in 2013. Illinois Steel owns 100% of the stock of ISB, its Brazilian subsidiary, which reported pretax income of $3 million in 2013. Illinois Steel directly owns its Canadian operations (that is, the Canadian group is a branch), which recorded pretax income of $10 million in 2013. Assume all earnings are reinvested in the country where they were earned. Assume the tax rates in the countries are United States, 35%; Canada, 30%; Brazil, 25%. What is Illinois Steel's 2013U.S. tax liability after foreign tax credits? 50% ownership. es, Canada, ed in Illinois wns 100% of n 2013. Illinois which 5%. s you must show calculations of U.S. oreign-source llion. The a Cars' foreign he year? ucing its reign tax s paid in part ely to enact a show calculations show calculations show calculations show calculations ducing its oreign tax show calculations show calculations show calculations show calculations Points earned --> 50 Read the instructions and hints before attempting to complete the solution. Enter your responses and answers in the areas specified. There are 50 total points for this assignment. The point value of each problem is determined by dividing the 50 points by the number of exercises are per assignment. If you have difficulty with any of the problems, take advantage of the collaboration discussion forum. Workshop 5 10 Multinational tax planning: introduction and investment decisions 2 11 Multinational tax planning: tax credit limitations and income shifting 1, 5 Chapter 10 Problem 2 points possible 16 deductions Points earned 16 2. Ithaca Snowboards Corporation is a large U.S. producer of in-style winter recreational equipment and apparel. Ithaca Snowboards currently has its primary facilities in the United States as well as distribution and marketing operations in a wholly owned Liechtenstein subsidiary. To expand into Asia, Ithaca Snowboards is considering setting up distribution and marketing operations in Japan. Currently, Ithaca Snowboards has $150 million of U.S. taxable income per year; its Liechtenstein subsidiary generates $100 million of Liechtenstein-source income, none of which is repatriated to Ithaca Snowboards. For simplicity, assume that if Ithaca Snowboards makes no changes, its income streams will continue in perpetuity. Ithaca Snowboards faces a 35% U.S. tax rate and a 15% Liechtenstein tax rate. a. What is Ithaca Snowboards' U.S. tax liability, and what is its worldwide tax liability? b. Now suppose that, to meet payments on its debt and to pay dividends to its shareholders, it is necessary for Ithaca Snowboards to make its Liechtenstein subsidiary repatriate all of its earnings to Ithaca Snowboards each year. What will be Ithaca Snowboards' U.S. tax liability and its worldwide tax liability? c. Continuing from part b, now suppose that Ithaca Snowboards also sets up operations in a Japanese subsidiary. Assume that such operations will pay tax at a 45% Japanese tax rate and will generate an additional $80 million of income, all Japanese source. Assume that unlike the Liechtenstein subsidiary, the Japanese subsidiary repatriates none of its income. What will be Ithaca Snowboards' U.S. tax liability and its worldwide tax liability? d. Continuing from part c, now assume that the Japanese subsidiary does repatriate all of its earnings each year. What will be Ithaca Snowboards' U.S. tax liability and worldwide tax liability? a. What is Ithaca Snowboards' U.S. tax liability, and what is its worldwide tax liability? check figure below U.S. tax =