U.S. Taxation of Foreign Branch Income Given data Required: a. Determine the amount of U.S. Taxable Income. b. Determine U.S. Foreign Tax Credit. c. Determine Net U.S. Tax Liability (all in U.S. dollars) Related to the Hungarian Branch of Compeyn Company in Year 1. Navigation: 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect. \begin{tabular}{l|l|l|l|} \hline 19 & Required: & & \\ \hline 20 & Note: Use cells A2 to B17 from the given information to complete this question. \\ \hline 21 & & & \\ \hline 22 & a. Determine the amount of U.S. Taxable Income: & & \\ \hline 23 & & & \\ \hline 24 & Pre-tax income (HUF) & & \\ \hline 25 & Hungarian tax rate & & \\ \hline 26 & Taxes paid in Hungary HUF) & & \\ \hline 27 & Net income (HUF) & & \\ \hline 28 & Average for the year exchange rate & \\ \hline 29 & Net income (USD) & \\ \hline 30 & Taxes paid in Hungary (HUF) & \\ \hline 31 & Exchange rate on date taxes paid (December 31) & \\ \hline 32 & Taxes paid (in USD) & \\ \hline 33 & Cash repatriated (December 15) (HUF) & \\ \hline 34 & Average for the year exchange rate & \\ \hline 35 & Subtotal (USD) & \\ \hline 36 & Cash repatriated (December 15) (HUF) & \\ \hline 37 & Exchange rate on date cash repatriated (December 15) & & \\ \hline 38 & Subtotal (USD) & \\ \hline 39 & Gain (loss) on repatriation of cash (USD) & \\ \hline 40 & U.S. taxable income & \\ \hline 41 & & & \\ \hline \end{tabular} 51 c. Determine Net U.S. Tax Liability (all in U.S. dollars) Related to the Hungarian Branch of Compeyn Company in Year 1: \begin{tabular}{l|l|l|} 52 & & \\ \hline 53 & U.S. taxable income & \\ \hline 54 & U.S. tax rate & \\ \hline 55 & U.S. tax before FTC & \\ \hline 56 & FTC allowed & \\ \hline 57 & Net U.S. tax liability & \\ \hline \end{tabular}