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How much US income tax will BlueCo pay

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Problem - BlueCo, a domestic corporation, incorporates GreenCo, a new wholly owned entity in Germany. Under both German and U.S. legal principles, this entity is a corporation. BlueCo faces a 21% U.S. tax rate.

GreenCo earns $1.5 million in net profits from its German manufacturing activities and makes no dividend distributions to BlueCo. How much U.S. income tax will BlueCo pay for the current year as a result of GreenCo's earnings, assuming that it incurs no deemed dividend under Subpart F?

Reference no: EM132647961

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