State the amount, if any, of foreign base company sales

Reference no: EM133659559

Question: Caribbean Cruise Lines, Inc. holds 60% of the stock of Mediterranean Vacations SA, an entity incorporated in France classified as a corporation for U.S tax purposes. The remaining 40% of the shares are held by foreign investors. Mediterranean Vacations SA owns 80% of the stock of La Cote d'Azur, SA, an entity incorporated in France classified as a corporation for U.S. tax purposes. b. During the current year La Cote d'Azur SA earned foreign base company sales income of $10 million. State the amount, if any, of foreign base company sales income Caribbean Cruise Lines, Inc. must include in its taxable income for the current year.

Reference no: EM133659559

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