If taxable income generated in Canada by Home Depot (HD) is USD 10,000 (assuming universal currency is USD) with Canadian tax rate = 40%, (and withholding tax rate = 8%) and US tax rate = 30%, the excess tax credit generated by HD in the US will be zero 44.8% 34.2% 14.8% Question 17 (6 points) Listen Example: Foreign subsidiary with 100% payout The foreign subsidiary generates $10,000 before local taxes, with a foreign income tax rate of 40%, a foreign dividend withholding rate of 8%, and a U.S. tax rate of 34%. What are cash dividends received in the US? $2550 $ 5520 $ 6440 $4460