Aqua, a South Carolina corporation, is a 20 percent partner in a Swiss partnership. This year, Aqua earned $2 million U.S. source income and $190,000 foreign source income. It paid no foreign income tax. The Swiss partnership earned $1.73 million foreign source income and paid $460,000 income tax to Switzerland, France, and Austria, Required: Compute Aqua's U.S. tax, assuming the foreign source income does not qualify as FDII. Note: Do not round any intermediate division. Consider intermediate values in dollars and not in millions. Enter your final answer also in dollars and not in millions of dollars. U.S. income tax

Aqua, a South Carolina corporation, is a 20 percent partner in a Swiss partnership. This year, Aqua earned $2 million U.S. source income and $190,000 foreign source income. It paid no foreign income tax. The Swiss partnership earned $1.73 million foreign source income and paid $460,000 income tax to Switzerland, France, and Austria, Required: Compute Aqua's U.S. tax, assuming the foreign source income does not qualify as FDII. Note: Do not round any intermediate division. Consider intermediate values in dollars and not in millions. Enter your final answer also in dollars and not in millions of dollars. U.S. income tax

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter9: Taxation Of International Transactions

Section: Chapter Questions

Problem 38P

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