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Question - Crosby, Inc. is a US corporation which is 100% owned by a Scottish parent company. Crosby's taxable income for the current year is as follows (in millions of US dollars):
Revenues $600
Expenses
Salaries 400
Royalties 80
Interest 50
Total expenses 530
Taxable income $70
All salaries are paid entirely to US employees. The royalties and interest are both entirely paid to Crosby's Scottish parent company. Crosby has generated more than $500 million in revenues for each of the last eight years. How much, if any, will Crosby owe to the US government in base erosion anti-abuse tax (BEAT)? Assume the U.S. corporate tax rate is 21%.
A. $0
B. $5.3 million
C. $42.0 million
D. $47.0 million
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