U.S. corporations are eligible for a foreign tax credit for withholding taxes imposed on dividends received from 100 percent owned foreign corporations, even if the dividend qualifies for the 100 percent dividends received deduction. True or Fal
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U.S. corporations are eligible for a foreign tax credit for withholding taxes imposed on dividends received from 100 percent owned foreign corporations, even if the dividend qualifies for the 100 percent dividends received deduction.
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- Which statement is true concerning an individual who is a US tax resident and a corporation that is a US tax resident? A. Both an individual who is a US tax resident and a corporation that is a US tax resident pay US income tax on their Worldwide. B. An individual who is a US tax resident pays US income tax only on US sources income and very limited foreign source income while a corporation that is a US tax resident pays US income tax on its worldwide income. C. An individual who is a US tax resident pays US income tax on his worldwide income while a corporation that is a US tax resident pays US income tax only on US source income and very limited foreign source income. D. Both an individual who is a US tax resident and a corporation that is a US tax resident pay US income tax on their worldwide. E. Both an individual who is a US tax resident and a corporation that is a US tax resident pay US income tax only on US source incomeA U.S. corporation owning 100 percent of a Dutch corporation will be eligible for a foreign tax credit for Dutch withholding taxes imposed on dividends received from the corporation even if the dividend is eligible for the 100 percent dividends received deduction. Group startsTrue or FalseTrue, unselectedFalse, unselectedDividend income received by a domestic corporation from a nonresident foreign corporation may be exempt from income tax, provided: The dividends actually received or remitted into the Philippines are reinvested in the business operations of the domestic corporation within the next taxable year from the time the foreign-source dividends were received or remitted; The dividends received shall only be used to fund the working capital requirements, capital expenditures, dividend payments, investment in domestic subsidiaries, and infrastructure project; and a. b. C. d. The domestic corporation holds directly at least twenty percent (20%) in value of the outstanding shares of the foreign corporation and has held the shareholdings uninterruptedly for a minimum of two (2) years at the time of the dividends distribution. In case the foreign corporation has been in existence for less than two (2) years at the time of dividends distribution, then the domestic corporation must have continuously…
- Pursuant to the Foreign Account Tax Compliance Act, foreign financial institutions will have to report directly to the IRS certain information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. Proper compliance will require specific information intended to preclude U.S. taxpayer investors to utilize such investment vehicles to obtain potentially tax-exempt benefits intended for foreign taxpayers. Failure to properly comply will result in a 30% withholding tax with respect to payments flowing outside the U.S. Group of answer choices True FalseWhich of the following is true? A. Long term interest earned by a resident foreign corporation on its deposits in banks in the Philippines shall be subject to a 20% final tax. B. Long term interest earned by a resident foreign corporation on its deposits in banks in the Philippines shall be exempt from income tax. C. Long term interest earned by a resident foreign corporation on its deposits in banks in the Philippines shall be subject to regular income tax. D. None of the above. E. Individual and Corporate taxpayers must declare their intention to avail of the OSD in their annual income tax Return. F. The option to avail of the OSD shall be irrevocable for the whole taxable year. G. The option to avail of the OSD is applicable to taxpayers subject to regular income tax on their net incomeCompute the tax due if the corporation is a resident foreign corporation not availing OSD.
- 1. Which of the following is true? A. Long term interest earned by a resident foreign corporation on its deposits in banks in the Philippines shall be subject to a 20% final tax. B. Long term interest earned by a resident foreign corporation on its deposits in banks in the Philippines shall be exempt from income tax. C. Long term interest earned by a resident foreign corporation on its deposits in banks in the Philippines shall be subject to regular income tax. D. None of the above. 2. Identify the false statement: A. Dividends earned by a resident foreign corporation from a domestic corporation is inter-corporate dividend exempt from income tax. B. Dividends earned by a domestic corporation from a foreign source is inter-corporate dividend exempt from income tax, with certain conditions. C. Dividends earned by a domestic corporation from another domestic corporation is inter-corporate dividend exempt from income tax. D. None of the above. 3. The income from operations of…San Carlos Corporation, a U.S. multinational, had pretax U.S. source income and foreign source income as follows: U.S. source income $ 400,000 Foreign source income—Country W 300,000 Total $ 700,000 San Carlos paid $60,000 income tax to Country W. Assume San Carlos’ foreign source income does not qualify as foreign-derived intangible income. Calculate San Carlos' tax savings if it takes a foreign tax credit rather than deducting this tax. $100,000 $66,000 $47,400 $0Which of the following statements is incorrect? * A. If 5% special tax on gross income is granted to taxpayers, they are not required to remit compensation taxes of their employees.. B. If 5% special tax on gross income is granted to taxpayers, they are not required to pay business permits. C. If 5% special tax on gross income is granted to taxpayers, they are not required to pay value added tax. D. Resident foreign corporations may be exempted from paying income tax.
- San Carlos Corporation, a U.S. multinational, had pretax U.S. source income and foreign source income as follows: U.S. source income $ 400,000 300,000 Foreign source income-Country W Total $ 700,000 San Carlos paid $60,000 income tax to Country W. Assume San Carlos' foreign source income does not qualify as foreign-derived intangible income. Calculate San Carlos' tax savings if it takes a foreign tax credit rather than deducting this tax.The Philippine Congress enacted a law requiring foreign banks to withhold taxes earned by Flipino residents in their country and to remit the sameto the Philippines governmert. Is this valid exercise of taxation power? Mention any applicable theories in taxation to answer.According to OCED , a number of countries are considered "Tax Havens" which contribute to tax revenue lost to other countrie Which one of the following country/region is NOT listed among the top 10 list? O a. Hong Kong O b. United States O c. Switzerland O d. United Kingdom Under the US tax code, when an American company merged with a foreign entity (i.e., Ireland), the global income from this newly merged company is no longer subject to US corporate tax. What is the processed called? a. Tax evasion O b. Income tax planning O c. None of the above O d. Corporate Inversion