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Pursco is a domestic corporation that distributes scientific equipment worldwide. During the current year, Pursco had $100 million of sales, a gross profit of $40 million, and incurred $30 million of selling, general and administrative expenses,for taxable income of $10 million. Pursco%u2019s sales include $20 million of sales to foreign customers.The gross profit on these foreign sales was $10 million.Pursco transferred title abroad on all foreign sales, and therefore the entire $10 million is classified as foreign-source income. A time management survey was recently completed, and indicates that employees devote 90% of their time to the company%u2019s domestic operations and 10% to foreign operations. Compensation expenses account for $20 million of the $30 million of total SG&A expenses.Assume Pursco%u2019s $10 million of taxable income is subject to U.S. tax at a 35% rate.
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