(SOLVED) Dunne Inc a U S corporation earned 500 000 in

total taxable
Dunne, Inc., a U.S. corporation, earned $500,000 in total taxable income, including $50,000 in
foreign-source taxable income from its branch manufacturing operations in Brazil and $20,000
in foreign-source income from interest earned on bonds issued by Dutch corporations. Dunne
paid $25,000 in Brazilian income taxes and $3,000 in Dutch income […]

Blunt, Inc., a U.S. corporation, earned $600,000 in total taxable income, including $80,000 in
foreign-source taxable income from its German branch’s manufacturing operations and
$30,000 in foreign-source taxable income from its Swiss branch’s engineering services
operations. Blunt paid $32,000 in German income taxes and $1,800 in Swiss income taxes.
Compute […]

Weather, Inc., a domestic corporation, operates in both Fredonia and the United States. This
year, the business generated taxable income of $600,000 from foreign sources and $900,000
from U.S. sources. All of Weather’s foreign source income is in the general limitation basket.
Weather’s total taxable income is $1.5 million. Weather […]

Brandy, a U.S. corporation, operates a manufacturing branch in Chad, which does not have an
income tax treaty with the United States. Brandy’s worldwide Federal taxable income is $30
million, so it is subject to a 35% marginal tax rate. Profits and taxes in Chad for the current year
are […]

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Brutus Corporation transferred inventory (basis of $10, fair market value of $30) and machinery
used in a U.S. factory (basis of $50, fair market value of $75) to MapleLeaf, a newly formed
corporation in Canada, in exchange for all of MapleLeaf’s stock. Brutus previously deducted
$30 of depreciation related to […]

Randall operates his distribution business in several countries. He wants to move some
equipment to a new office in South Africa. This equipment includes assets with a large
acquisition price and accumulated MACRS depreciation. The assets to be transferred would
generate a $1 million realized gain if sold. Advise Randall […]

Teal, Inc., a foreign corporation, pays a dividend to its shareholders on November 30. Red, Inc.,
a U.S. corporation and 7% shareholder in Teal, receives a dividend of 10,000K (a foreign
currency). Pertinent exchange rates are as follows. November 30 ………. .9K:$1 Average for year
……… .7K:$1 December 31 ……… […]

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