Question
USAco owns an IC-DISC, which derives $1 million of income from export sales. Which of the following statements is true regarding the IC-DISC? 1 The
USAco owns an IC-DISC, which derives $1 million of income from export sales. Which of the following statements is true regarding the IC-DISC?
1 The IC-DISC must file a Form 1120.
2 USAco does not have to report any income the IC-DISC earns.
3 The IC-DISC must be incorporated in a foreign jurisdiction.
4 The IC-DISC permits USAco to permanently exclude 15% of its export profits.
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Integrated Accounting
Authors: Dale A. Klooster, Warren Allen, Glenn Owen
8th edition
1285462726, 1285462721, 978-1285462721
