source net income 200,000 German income tax 80,000 Net income after taxes 120,000 Cash remitted to U.S. owner 30,000 German withholding tax 3,000 Cash received by U.S. owner 27,000   Assume the business is a foreign branch and that the income is subpart F income. What is the U.S. corporation’s taxable income?   a. $300,000 b. $330,000 c. $350,000 d. $500,000

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