Oasis Co., a U.S. shareholder, owns 100% of Shack Co. and 100% of Studio Co.,...
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Accounting
Oasis Co a US shareholder, owns of Shack Co and of Studio Co both CFCs Shack Co has $ of gross income, of which $ is effectively connected income, and $ is interest expense without any allocable interest income. Shack Co has $ of machinery used in its trade or business. Studio Co has a $ loss and machinery worth $ used in its operations.
a What is GILTI for Oasis Co
b What impact do the operations of Shack Co and Studio Co have on Oasis Cos US taxable income?
Oasis must include X of GILTI in its US taxable income, but will also get a deduction for of its GILII inclusion. As a result, its taxable income will increase by :
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