The subsidiary of a U.S. corporation located in Country Y generated income of $1,000,000 on...
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Accounting
The subsidiary of a U.S. corporation located in Country Y generated income of $1,000,000 on which it paid $400,000 (40%) in taxes to Country Y. The subsidiary paid a dividend to the U.S. parent of $54,000. How much tax is currently owed to the U.S. government if the federal tax rate is 35%/
A) $18,900
B) $350,000
C) $140,000
D) $0
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