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Yasmin Corporation, a calendar year domestic corporation, owns 100 percent of Luna Inc., a calendar...

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Accounting

Yasmin Corporation, a calendar year domestic corporation, owns 100 percent of Luna Inc., a calendar year controlled foreign corporation. Luna has never paid a dividend and at the end of 2017 has accumulated $18 million undistributed income (none of which is subpart F income). Luna also has $2 million of cash at the end of 2017.

A. Compute Yasmin's tax due on its mandatory inclusion amount related to ownership of Luna.

B. Beginning in 2017, determine Yasmin's installment payments of the tax due on its mandatory inclusion amount.

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