XYZ corporation in the U.S. Has subsidiary in Switzerland. The taxable income eq

Question

XYZ corporation in the U.S. Has subsidiary in Switzerland. The taxable income equals to SF4 million. The tax rate in Switzerland is 20%. There is no withholding tax. The U.S tax is 34%. Exchange rate is $1=SF4. All cash flows are remitted. The tax payable on the remitted funds in the U.S is? Please show steps XYZ corporation in the U.S. Has subsidiary in Switzerland. The taxable income equals to SF4 million. The tax rate in Switzerland is 20%. There is no withholding tax. The U.S tax is 34%. Exchange rate is $1=SF4. All cash flows are remitted. The tax payable on the remitted funds in the U.S is? Please show steps Please show steps

Explanation / Answer

tax payable on remitted funds in US = (4000000/4)*0.34 ie= $ 340000

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