Answer:
A. = (15% X $2M) + (21% X $2M) = $720,000. Since there is no mechanism for mitigating double taxation, the branch profit will be taxed on the to tax rate of 15% and 21% which is $300,000 and $420,000.
B. The total tax for $2m branch profit if US corporations can remove foreign based profit from US taxation will be just the 15% x $2m = $300,000.
C.If they are allowed to take deductions for foreign income taxes, the total tax on the $2m branch profit will be (21% -15%) x $2m = $120,000.
Explanation:
D.1. If credit are allowed for foreign income tax paid, total tax will be ($2m - $300,000 been foreign tax paid) x 21% = $357,000
D.2.
If the charge foreign income taxes at 30% and US corporations can claim refundable credit for foreign income tax paid on foreign source income = ($2m - $300,000 been the foreign income tax paid) = $1 700,000 x 30% = $510,000
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Answer:
deliverability, flexibility and accessibility
Explanation:
Advanta Pro has recognised the benefits of the internet because of its deliverability, flexibility and accessibility. From the past 2 decades, most of the companies are using internet as the main source of advertising their commodities. E-commerce after the globalisation emerged as an important tool of promotion and information sharing. Overall, the company will share the information by using the internet to contact and attract more potential customers.
The process is known as REINSTATEMENT.
A reinstatement is said to occur when a defaulting borrower brings the delinquent loan current in one bulk. It stops a foreclosure and allows the borrower to pay all the money he has been owning. Once the loan has been reinstated, the borrower resumes installment payment of the debt.
Answer:
D) $2,900.
Explanation:
The computation of the net income is shown below:
= Revenue on account - Expenses for the period
= $5,000 - $2,100
= $2,900
To determine the net income we subtract the expenses incurred for the period from the revenues so that the accurate amount could come.
This net income would be reflected at the time of preparing the retained earning statement