Trident Solar Technologies (TST) is the wholly-owned Taiwanese subsidiary of United Renewable Energy (URE) Inc., a U.S. firm. Last year, TST had $2,000,000 of taxable income and paid 50% of the after-tax income to URE in dividends. The corporate tax rate in Taiwan was 25%, and the and the foreign withholding tax rate on dividends was 10%. The corporate tax rate for the parent company in the U.S. was 30%. Calculate tax liability and excess foreign tax credit for URE, the U.S. parent company. The U.S. tax liability for URE was $0 and the excess foreign credit for URE was $40,000 The U.S. tax liability for URE was $0 and the excess foreign credit for URE was $35,000 The U.S. tax liability for URE was $0 and the excess foreign credit for URE was $30,000 The U.S. tax liability for URE was $60,000 and the excess foreign credit for URE was $0 The U.S. tax liability for URE was $0 and the excess foreign credit for URE was $25,000 Trident Solar Technologies (TST) is the wholly-owned Taiwanese subsidiary of United Renewable Energy (URE) Inc., a U.S. firm. Last year, TST had $2,000,000 of taxable income and paid 50% of the after-tax income to URE in dividends. The corporate tax rate in Taiwan was 25%, and the and the foreign withholding tax rate on dividends was 10%. The corporate tax rate for the parent company in the U.S. was 30%. Calculate tax liability and excess foreign tax credit for URE, the U.S. parent company. The U.S. tax liability for URE was $0 and the excess foreign credit for URE was $40,000 The U.S. tax liability for URE was $0 and the excess foreign credit for URE was $35,000 The U.S. tax liability for URE was $0 and the excess foreign credit for URE was $30,000 The U.S. tax liability for URE was $60,000 and the excess foreign credit for URE was $0 The U.S. tax liability for URE was $0 and the excess foreign credit for URE was $25,000