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Required information The following information applies to the questions displayed below USCo manufactures and markets electrical components. USCo operates outside the United States through a
Required information The following information applies to the questions displayed below USCo manufactures and markets electrical components. USCo operates outside the United States through a number of CFCs, each of which is organized in a different country. These CFCs derived the following income for the current year: Determine the amount of income that USCo must report as a deemed dividend under subpart F in each scenario. (Leave no answer blank. Enter zero if applicable.) a. F1 has gross income of $11.00 million, including $550,000 of foreign personal holding company interest and $10.45 million of gross income from the sale of inventory that F1 manufactured at a factory located within its home country Amount of income reported million b. F2 has gross income of $7.4 million, including $6.7 million of foreign personal holding company interest and $0.7 million of gross income from the sale of inventory that F2 manufactured at a factory located within its home country. (Round your final answer to 1 decimal place.) Amount of income reported million
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