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International Taxation Question USP, a domestic corporation, operates abroad through Fco1, which is a wholly-owned foreign corporation. During the current year, Fco1 has total gross
International Taxation Question
USP, a domestic corporation, operates abroad through Fco1, which is a wholly-owned foreign corporation. During the current year, Fco1 has total gross income of $10 million, including $400,000 of interest income that qualifies as foreign personal holding company income, and $9.6 million of gross income from the sale of goods that Fco1 manufactured in its country of incorporation. Determine the amount of Subpart F income, if any, that Fco1 must report.
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