S. source income reign source income. xable income $19,000,000 2,890,000 $21,890,000 son paid $1,060,000 foreign income tax. Compute its U.S. income tax, assuming the foreign source income does not qualify as (Do not round any intermediate division. Round the rest of the intermediate calculations and final answer to the nearest le dollar amount.) income tax
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- Axtell Corporation has the following taxable income: U.S. source income Foreign source income: Country A Country B Country C Taxable income $ 1,620,000 550,000 2,000,000 2,900,000 $ 7,070,000 Axtell paid $600,000 income tax to Country B and $1.3 million income tax to Country C. Country A does not have a corporate income tax. Required: Compute Axtell's U.S. income tax, assuming the foreign source income does not qualify as FDII. Note: Do not round any intermediate calculations. Enter your answer in dollars and not in millions of dollars. U.S. income taxMany Mountains, Incorporated is a U.S. multinational corporation. This year, it had the following income. U.S. source income Foreign source income: Country X Country Y Total Multiple Choice O Many Mountains paid $15,000 income tax to Country X and $28,500 income tax to Country Y. Assume Many Mountains' foreign source income does not qualify as foreign- derived intangible income. Compute Many Mountains' allowable foreign tax credit. $15,000 $18.500 $33.500 $ 65,000 105,000 $35,700 $ 580,000 170,000 $750,000Zenon, Incorporated has the following taxable income: U.S. source income Foreign source income Taxable income $ 2,060,000 400,000 $ 2,460,000 Required: Zenon paid $49,000 foreign income tax. Compute its U.S. income tax, assuming the foreign source income does not qualify as FDII. Note: Do not round any intermediate division. X Answer is complete but not entirely correct. $ 432,600 X U.S. income tax
- San Carlos Corporation, a U.S. multinational, had pretax U.S. source income and foreign source income as follows: U.S. source income $ 400,000 Foreign source income—Country W 300,000 Total $ 700,000 San Carlos paid $60,000 income tax to Country W. Assume San Carlos’ foreign source income does not qualify as foreign-derived intangible income. Calculate San Carlos' tax savings if it takes a foreign tax credit rather than deducting this tax. $100,000 $66,000 $47,400 $0ABC corporation provided the following data for calendar year ending December 31, 2021 ($1 = P50). Use new tax rate under CREATE Law (RA 11534) Philippines: Gross Income - P4,000,000 Deductions - P2,500,000 Abroad: Gross income - $40,000 Deductions - $15,000 Income tax paid - $3,000 g. If it is a resident international carrier, compute for its income tax. h. If it is a non-resident cinematographic film owner/lessor, compute for its income tax. i. if it is a non- resident lessor of vessels, compute for its income tax.Oracle Corp, a U.S. corporation, earns $25 million of taxable income from U.S. sources and $10 million of taxable income from foreign sources. What amount of taxable income does Oracle report on its U.S. tax return? a. $25 million. b. $35 million. c. $25 million less any tax paid on the foreign income. d. $35 million less any tax paid on U.S. income.
- Zenon, Incorporated has the following taxable income: U.S. source income Foreign source income Taxable income $ 1,900,000 240,000 $ 2,140,000 Required: Zenon paid $33,000 foreign income tax. Compute its U.S. income tax, if Zenon conducted its foreign operations through a foreign subsidiary that made no shareholder distributions during the current year and had no GILTI or subpart F income. U.S. income taxSan Carlos Corporation, a U.S. multinational, had pretax U.S. source income and foreign source income as follows: U.S. source income $ 400,000 300,000 Foreign source income-Country W Total $ 700,000 San Carlos paid $60,000 income tax to Country W. Assume San Carlos' foreign source income does not qualify as foreign-derived intangible income. Calculate San Carlos' tax savings if it takes a foreign tax credit rather than deducting this tax.What is the foreign tax credit X Corp, a US Corp, is able to take on its current year return based on the following facts: Taxable income: X Corp, 100% US income ---$10,000,000 X Corp's foreign branch, 100% non-US income ---$1,000,000 Foreign tax paid by the foreign branch--- $300,000
- Assume the following transactions with the corresponding invoice cost, inclusive of Value Added Tax, if applicable: Apol, non-vat taxpayer, sells to LJ, vat taxpayer P89,600LJ, vat taxpayer, sells to Chris, vat taxpayer P134,400Chris, vat taxpayer, sells to Abi P201,600Abi, nonvat taxpayer, exported the goods in Canada P300,000 Required: Determine the following:A Vat payable of ApolB Vat payable of LJC Vat payable of ChrisD Vat payable of AbiWaco Leather Inc., a U.S. corporation, reported total taxable income of $4.8 million. Taxable income included $1.36 million of foreign source taxable income from the company's branch operations in Mexico. All of the branch income is foreign branch income. Waco paid Mexican income taxes of $244,800 on its branch income. Compute Waco's allowable foreign tax credit. (Enter your answer in dollars and not in millions of dollars.) Answer is complete but not entirely correct. Foreign tax credit 40,800Elmo, Incorporated is a U.S. corporation with a branch office in foreign country Z. During the current year, Elmo had $392,000 of U.S. source income and $34,500 of foreign source income from Z, on which Elmo paid $16,100 of country Z income tax. Required: a. Calculate Elmo's U.S. tax liability before foreign tax credit, maximum foreign tax credit allowable, and net U.S. tax liability after foreign tax credit. b. If Elmo had paid only $3,795 of country Z income tax, calculate Elmo's foreign tax credit allowable and net U.S. tax liability after foreign tax credit. Complete this question by entering your answers in the tabs below. Required A Required B Calculate Elmo's U.S. tax liability before foreign tax credit, maximum foreign tax credit allowable, and net U.S. tax liability after foreign tax credit. Note: Do not round any intermediate division. U.S. tax liability before foreign tax credit Maximum foreign tax credit allowable Net U.S. tax liability after foreign tax credit Amount $…