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What is the us corporation taxable income

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Question - A U.S. corporation established a 100% owned business in Germany. The U.S. corporation has U.S. source income in the current year of $300,000. The German business reports the following information for the current year:

German-source net income 200,000

German income tax 80,000

Net income after taxes 120,000

Cash remitted to U.S. owner 30,000

German withholding tax 3,000

Cash received by U.S. owner 27,000

Assume the business is a foreign corporation that qualifies as a CFC and that the income is not subpart F income. What is the U.S. corporation's taxable income (before any or credits)?

Reference no: EM132964999

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