Question
In: Accounting
USCo manufactures and markets electrical components. USCo operates outside the United States through a number of...
USCo manufactures and markets electrical components. USCo
operates outside the United States through a number of CFCs, each
of which is organized in a different country. These CFCs derived
the following income for the current year:
Determine the amount of income that USCo must report as a deemed
dividend under subpart F in each scenario. (Leave no answer
blank. Enter zero if applicable. Enter your answers in
millions.)
a. F1 has gross income of $14.00 million, including $700,000 of foreign personal holding company interest and $13.30 million of gross income from the sale of inventory that F1 manufactured at a factory located within its home country.
a. amount of income reported?
b.b. F2 has gross income of $8.6 million, including $6.9 million of foreign personal holding company interest and $1.7 million of gross income from the sale of inventory that F2 manufactured at a factory located within its home country.
b. amount of income reported.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Shorelake Tours Inc., operates a large number of tours throughout the United States. A study has...
Shorelake Tours Inc., operates a large number of tours
throughout the United States. A study has indicated that some of
the tours are not profitable, and consideration is being given to
dropping these tours in order to improve the company's overall
operating performance. One such tour is a two-day Battlefields of
the Native American and Francophone Wars bus tour. An income
statement from one of these tours is given below:
Ticket revenue
(100 seats x 45% occupancy x $80 ticket...
Lakeshore Tours Inc., operates a large number of tours throughout the United States. A study has...
Lakeshore Tours Inc., operates a large number of tours
throughout the United States. A study has indicated that some of
the tours are not profitable, and consideration is being given to
dropping these tours in order to improve the company's overall
operating performance. One such tour is a two-day Battlefields of
the French and Indian Wars bus tour. An income statement from one
of these tours is given below:
Ticket revenue
(100 seats x 45% occupancy x $80 ticket price)...
Diebold Incorporated Diebold Incorporated manufactures, markets, and services automated teller machines in the United States. The...
Diebold Incorporated
Diebold Incorporated manufactures, markets, and services
automated teller machines in the United States. The following are
selected numbers from the financial statements for Year 1 and Year
2 (in millions):
Year 1
Year 2
Revenues
$ 544.0 $
620.0
Operating Expenses (465.1)
(528.5)
Depreciation
(12.5) (14.0)
= Earnings before Interest and Taxes 66.4
77.5
Interest Expenses
0.0
0.0
Taxes
(25.3) (29.5)
= Net Income
$
41.1 $
48.0
Working Capital
$...
dentify a recent natural disaster (outside of the United States-- be sure it is not a...
dentify a recent natural disaster (outside of the United
States-- be sure it is not a US territory!). What were/are the most
significant public health concerns? What was done/is being done to
address them? Your response should be 5-6 sentences.
What are the key steps that can be taken to reduce the
vulnerability of certain places to the potential health threats of
natural disasters? Explain in 4-5 sentences.
Identify a recent humanitarian emergency (outside of the United
States-- again, be...
Lionel Corporation manufactures pharmaceutical products sold through a network of sales agents in the United States...
Lionel Corporation manufactures pharmaceutical products sold
through a network of sales agents in the United States and Canada.
The agents are currently paid an 18% commission on sales; that
percentage was used when Lionel prepared the following budgeted
income statement for the fiscal year ending June 30, 2019:
Lionel Corporation
Budgeted Income Statement
For the Year Ending June 30, 2019
($000 omitted)
Sales
$
28,500
Cost of goods sold
Variable
$
12,825
Fixed
3,500
16,325
Gross profit
$
12,175
Selling...
Lionel Corporation manufactures pharmaceutical products sold through a network of sales agents in the United States...
Lionel Corporation manufactures pharmaceutical products sold
through a network of sales agents in the United States and Canada.
The agents are currently paid an 18% commission on sales; that
percentage was used when Lionel prepared the following budgeted
income statement for the fiscal year ending June 30, 2019:
Lionel Corporation
Budgeted Income Statement
For the Year Ending June 30, 2019
($000 omitted)
Sales
$
30,100
Cost of goods sold
Variable
$
13,545
Fixed
3,612
17,157
Gross profit
$
12,943
Selling...
Lionel Corporation manufactures pharmaceutical products sold through a network of sales agents in the United States...
Lionel Corporation manufactures pharmaceutical products sold
through a network of sales agents in the United States and Canada.
The agents are currently paid an 18% commission on sales; that
percentage was used when Lionel prepared the following budgeted
income statement for the fiscal year ending June 30, 2019:
Lionel Corporation
Budgeted Income Statement
For the Year Ending June 30, 2019
($000 omitted)
Sales
$
30,200
Cost of goods sold
Variable
$
13,590
Fixed
3,624
17,214
Gross profit
$
12,986
Selling...
Lionel Corporation manufactures pharmaceutical products sold through a network of sales agents in the United States...
Lionel Corporation manufactures pharmaceutical products sold
through a network of sales agents in the United States and Canada.
The agents are currently paid an 18% commission on sales; that
percentage was used when Lionel prepared the following budgeted
income statement for the fiscal year ending June 30, 2019:
Lionel Corporation
Budgeted Income Statement
For the Year Ending June 30, 2019
($000 omitted)
Sales
$
30,200
Cost of goods sold
Variable
$
13,590
Fixed
3,624
17,214
Gross profit
$
12,986
Selling...
Lionel Corporation manufactures pharmaceutical products sold through a network of sales agents in the United States...
Lionel Corporation manufactures pharmaceutical products sold
through a network of sales agents in the United States and Canada.
The agents are currently paid an 18% commission on sales; that
percentage was used when Lionel prepared the following budgeted
income statement for the fiscal year ending June 30, 2019
Lionel Corporation
Budgeted Income Statement
For the Year Ending June 30, 2019
($000 omitted)
Sales
$
29,000
Cost of goods sold
Variable
$
13,050
Fixed
3,480
16,530
Gross profit
$
12,470
Selling...
Lionel Corporation manufactures pharmaceutical products sold through a network of sales agents in the United States...
Lionel Corporation manufactures pharmaceutical products sold
through a network of sales agents in the United States and Canada.
The agents are currently paid an 18% commission on sales; that
percentage was used when Lionel prepared the following budgeted
income statement for the fiscal year ending June 30, 2019:
Lionel Corporation
Budgeted Income Statement
For the Year Ending June 30, 2019
($000 omitted)
Sales
$
30,200
Cost of goods sold
Variable
$
13,590
Fixed
3,624
17,214
Gross profit
$
12,986
Selling...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- SUPPLEMENTAL PROBLEM 19-1 (req. 1, 2, 3) International Roofing Systems (IRS) Company began operations several years...
- Henry and Jacob have been friends for many years and decide to go into business together....
- Venture Capital Financing is a type of funding which assemblies cash from investors and lend it...
- Apply the quality gaps model to the Uber service. Which quality gaps do you see as...
- Why is it important to consider the consequences of taxes when financing a new project? Can...
- Objective: Learning linked list. Problem Specification: An employer would like to maintain a linked list...
- In C++, develop a menu program which reads in data from 4 different input files -...
ADVERTISEMENT