Que.51. Collins, Inc., a domestic corporation, operates a manufacturing branch in Singapore. During the current year, the manufacturing branch produces a loss of $300000. Collins also earns interest income from investments in Europe, where it earns $800000 in passive income. Collins paid no foreign income taxes related to the Singapore branch, but it paid $64000 in foreign income taxes related to the passive income. Assuming that Collins pays US taxes at the 34% rate, what is Collins?s allowable FTC for the current year?
Paper#4371 | Written in 18-Jul-2015Price : $25