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ACC337- Roosevelt University Chapter 8 Zeta Corporation...

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Accounting

ACC337- Roosevelt University
Chapter 8
Zeta Corporation (a U.S. taxpayer) has several foreign subsidiaries with the following:
Before-tax income 56800000
Average corporate income tax rate 15%
Aggregate property, plant, and equipment 342000000
Rate of return on QBAI 10%
Determine the amount of global intangible low-taxed income (GILTI) Zeta was required
to report in its U.S. taxable income in the current year.
Tested income
QBAI \times Rate of return
Excess
50% deduction
GILTI included in U.S parents taxable income

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