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? The IC-DISC
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?
The IC-DISC must file a Form 1120.
USAco does not have to report any income the IC-DISC earns.
The IC-DISC must be incorporated in a foreign jurisdiction.
The IC-DISC permits USAco to permanently exclude 15% of its export profits.
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Auditing And Assurance Services
Authors: Alvin A. Arens . Randal J. Elder . Mark S. Beasley
18th Global Edition
1292448989, 978-1292448985
