Question 22 of 33 2 Points Rocky, a U.S. citizen and resident, is a famous rock musician. During the current year, he signs a $20 million contract with a U.S. concert promoter to play 5 concerts (over 5 days) in Singapore. Leading up to the event, Rocky spends 15 days rehearsing at his New York music studio. How much of Rocky's $20 million income is foreign-sourced? A. All $20 million is foreign-sourced. B. $5 million is foreign-sourced. C. $10 million is foreign-sourced. D. None is foreign-sourced. Reset Selection Question 23 of 33 2 Points PiperCo, a domestic corporation, operates a branch in foreign country F. During 2020, PiperCo's net profit from domestic sources is $100,000 and the net profit from the branch is $200,000. PiperCo pays $50,000 of creditable country F income taxes. Assume PiperCo's pre-credit tax liability is $60,000. The maximum amount of the foreign tax credit is: A. $60,000 B. $50,000 C. $42,000. D. $40,000. Reset Selection Question 26 of 33 2 Points PiperCo, a domestic corporation, owns 100% of Scoutco, a country F corporation. During 2020 (its first year of operations), ScoutCo earns $200,000 of income, pays $50,000 of country F income taxes, and distributes a dividend of $150,000 to PiperCo. PiperCo's deemed foreign income taxes paid is: A. $50,000. B. $37,500 C. $12,500. OD. $0. Reset Selection Question 27 of 33 2 Points Harry is a citizen and resident of Saudi Arabia. During the current year, Harry never visits the United States, nor does he hold a green card. However, he realized a gain on the sales of 1,000 acres of undeveloped land located in Texas. The United States does NOT have an income tax treaty with Saudi Arabia. What is the source of income and how does the U.S. tax the income? OA. US Sourced and NOT taxed B. US Sourced and taxed at graduated tax rates OC. US Sourced and taxed at withholding tax rates OD. Foreign Sourced and NOT taxed E. Foreign Sourced and taxed at graduated tax rates OF. Foreign Sourced and taxed at withholding tax rates Reset Selection Question 28 of 33 2 Points PiperCo, a domestic corporation, is in the 21% income tax bracket. During 2020, PiperCo earns $100,000 of U.S.- source income and $100,000 of foreign-source income. PiperCo's foreign tax credit limitation is: A. $10,500. B. $21,000. C. $42,000. D. $100,000 Reset Selection