1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
olga2289 [7]
3 years ago
12

Pierre Corporation has a precredit U.S. tax of $315,000 on $1,500,000 of taxable income in the current year. Pierre has $300,000

of foreign source taxable income characterized as foreign branch income and $150,000 of foreign source taxable income characterized as passive category income. Pierre paid $60,000 of foreign income taxes on the foreign branch income and $15,000 of foreign income taxes on the passive category income. What amount of foreign tax credit (FTC) can Pierre use on its current U.S. tax return and what is the amount of the carryforward, if any
Business
1 answer:
blsea [12.9K]3 years ago
7 0

Answer:

Foreign tax credit = $75,000

Carry forward balance = 0

Explanation:

As per the data given in the question,

Precredit U.S. tax = $315,000

Taxable income = $150,000

Foreign source = $300,000

Foreign source taxable income = $150,000

Paid =$60,000

Foreign income tax = $15,000

Pierre can have foreign credit tax = $60,000 + $15,000

=$75,000 whereas carry forward amount is zero

You might be interested in
The following is a condensed version of the comparative balance sheets for Sweet Corporation for the last two years at December
notsponge [240]

Answer:

Cash flow from operating activities

Net income                                                      $352,000

<u><em>Adjustment to reconcile net income to </em></u>

<u><em>net Cash flow from operating activities</em></u>

Depreciation expense                                    $26,350

Loss on investment sold                                 $15,500

Decrease account receivable                         $7,750

Decrease current liabilities                            <u>-$26,350</u>

Net cash flow from operating activities                              $348,250

Cash flow from investing activities

Sale of investment                                           $12,100

Purchase of equipment                                 -<u>$89,900</u>

Net cash used investing activities                                       -<u>$77,800</u>

Cash flow from financing activities

Dividend paid                                                  -$66,000  

Net cash used financing activities                                       -<u>$66,000</u>

Net cash increase (decrease)                                              $204,450

Beginning Cash                                                                     <u>$120,900</u>

Ending Cash                                                                          <u>$325,350</u>

6 0
3 years ago
When a _________ matures, you receive your entire investment back plus any remaining interest.
kiruha [24]
Bond is correct answer.

When a bond matures, you receive your entire investment back plus any remaining interest.

Hope it helped you.

-Charlie
7 0
3 years ago
A firm producing good y recently increased monthly production from​ 1,500 units to​ 2,000 units. this had no impact on the marke
solmaris [256]
The following that most strongly implied by this information is that at the current level of production, the firm is making a profit of $3000. Jake and Mathew will most likely agree on The firm should increase production from the current level. Mathew is assuming​ that no new firms enter the market in the short run.
6 0
3 years ago
The main difference between marketing research and a marketing information system is that the MIS is an information-gathering pr
Annette [7]

Answer:

False

Explanation:

Marketing research is a term that is used to refer to the process of systematically designing, collecting, interpreting, and reporting information. It is used to help marketers solve specific  marketing problems, and it is also used to take advantage of market opportunities. Marketing research is used to gather information which are not currently available to the decision makers.

A marketing information system (MIS) refers to a system in which marketing data is formally gathered, stored, analysed and distributed to managers in accordance with their informational needs on a regular basis. A management information system is systematically designed to support marketing decision making.

6 0
3 years ago
Bolivia has about 50% of the world's reserves of lithium. It is also a major producer of zinc. Suppose that Bolivia produced onl
frosja888 [35]

Answer: attainable and efficient

Explanation:

3 0
2 years ago
Other questions:
  • What key stage involves defining your project? a. Representing your data in a trustworthy manner b. Working with data c. Develop
    15·1 answer
  • The cookie company in the mall hires only labor to produce cookies. The workers are paid $80 per day, and the cost of renting th
    11·1 answer
  • Which of the following statements can be used to explain the growth of international business? a. Many countries in Europe and A
    9·1 answer
  • Firm A manufactures brake pads, a component of a braking system, and sells them to Firm B, who sells braking systems used in veh
    14·1 answer
  • Interview any local business owner and request him/her to identify any business problem that they are experiencing. Apply delphi
    13·1 answer
  • Dopson's Hardware was in bad financial shape. It owed so much money that vendors put the store on a cash-only delivery basis. As
    7·1 answer
  • The capital gains (losses) netting process for taxpayers without 25 or 28 percent capital gains requires them to (1) net short-t
    9·1 answer
  • Butler Corporation is considering the purchase of new equipment costing $78,000. The projected annual after-tax net income from
    15·1 answer
  • A positive consequence of organizational distress may take the form of: a. functional turnover. b. absenteeism. c. employee work
    6·1 answer
  • Assume that a firm hires an additional employee. If the marginal product for that employee is greater than for the previous empl
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!