U.S. taxable income (a) Total creditable foreign tax (b) FTC limitation* FTC allowed (lesser of (a) and (b) (A and F) $11,000,000 $2,400,000 2,310,000 $2,310,000 $90,000 (B and D) $? $? $? $? 2$ $3,100,000 Excess FTC 2$ * FTC limitation: Branch income basket: $11,000,000 x 21% = $2,310,000 General income basket: $? x 21% = $? Passive income basket: $ ?×21% = $ ? lo3393回

U.S. taxable income (a) Total creditable foreign tax (b) FTC limitation* FTC allowed (lesser of (a) and (b) (A and F) $11,000,000 $2,400,000 2,310,000 $2,310,000 $90,000 (B and D) $? $? $? $? 2$ $3,100,000 Excess FTC 2$ * FTC limitation: Branch income basket: $11,000,000 x 21% = $2,310,000 General income basket: $? x 21% = $? Passive income basket: $ ?×21% = $ ? lo3393回

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter25: Taxation Of International Transactions

Section: Chapter Questions

Problem 6DQ

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7
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