Question 3 of 44 2 Points USAco, a domestic corporation, operates a branch in foreign country F. USAco has income of $300,000, of which $200,000 is from its country F branch operations. USAco pays $30,000 of creditable country F income taxes. Assuming a US tax rate of 21%, USAco's foreign tax credit is: A. $0. B. $30,000 C. $42,000. D. $63,000. Reset Selection Question 6 of 44 2 Points Which of the following is NOT a category of Subpart Fincome derived by a CFC? A. Insurance income from insuring risks inside the CFC's country of incorporation B. Foreign base company income C. International boycott income D. Illegal bribes and kickbacks paid to a government employee E. None of the above Reset Selection Question 11 of 44 2 Points FORCO, a country F corporation, wants to open a sales office in the United States. FORCo does not form a U.S. subsidiary, but instead operates in the U.S. as a branch. Country F does not have a income tax treaty with the U.S. If FORco loans operating funds to the U.S. branch, when the U.S. branch makes interest payment to FORco, the interest payment will be subject to: A. No interest withholding as the interest is deemed paid by the foreign corporation, since the U.S. branch is not a U.S. corporation. B. No interest withholding tax since the recipient of the interest is a foreign corporation. C. Subject to 30% withholding tax under the Branch Interest Withholding tax rules. D. Subject to 15% withholding tax under the Branch Profits tax rules. Reset Selection Question 12 of 44 2 Points After 2017, excess foreign tax credits (foreign taxes in paid in excess of the foreign tax credit limitation) can be: A. carried back one year and carried forward 10 years. B. only carried forward 10 years. C. carried forward indefinitely. D. deducted as current year expense. Reset Selection Question 15 of 44 2 Points USAco, a domestic corporation, is a wholly-owned by Jane, a nonresident alien who is citizen and resident of county F. Country F has a treaty with the US identical to the US Model Treaty. During the current year, USAco distributes a dividend of $100,000 to Jane. Under the US Model Treaty, USAco must withhold U.S. taxes of: A. $5,000 B. $10,000 OC. $15,000 D. $30,000 Reset Selection