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Intrepid industries is a U.S corporation with $30 million of pretax income US-source, Argentinian branch that has $10 million of pretax income (subject to Argentinian
Intrepid industries is a U.S corporation with $30 million of pretax income US-source, Argentinian branch that has $10 million of pretax income (subject to Argentinian tax rate of 30%. US tax rate is 21%.
a) How much taxable income will intrepid industries report on U.S. tax return
b) How much US tax, after considering tax credits, will intrepid have to pay? What will its effective tax rate be (worldwide taxes divided by worldwide pretax income)
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