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- A company produces jackets for €20 each in Portugal, which has a corporate tax rate of 21%. It then transfers its products to its Irish subsidiary for resale to the Irish public at a sales price of €30 per jacket. The corporate tax rate in Ireland is 12.5%. Calculate the total after-tax profit in the two countries if the company uses a transfer price of €23 and it sells 10,000 jackets. ANSWERS: €84,950 €15,050 €66,500 €8,495 €8,750Tio, Inc. a U.S. parent owns two subsidiaries, Ecuador Inc. and Taiwan Inc. The corporate tax rate is 20% in Ecuador and 40% in Taiwan. It costs Ecuador Inc. $25 to assemble each widget. Ecuador Inc. sells all 1,000 widgets of its production to Taiwan Inc. at a negotiated price of $65 per unit. Taiwan Inc. sold all 1,000 widgets to independent customers for $90 per unit. What will the overall tax rate be if Tio instructed Ecuador to increase the price it charged Taiwan for each widget to $80 per unit? a. 25% b. 28% c. 21% d. 23.08%EAGLE Company imports finished toy airplanes from its Norwegian Subsidiary. Per unit, each toy airplane costs the Norwegian subsidiary $10.00 to produce and $2.00 to ship to EAGLE CompanyEAGLE Company sells each toy airplane to U.S. toy stores for $30.00 per unit. For the 2019 Fiscal Year the Norwegian Subsidiary shipped 1,000,000 units to EAGLE Company . All the toy airplanes shipped were sold. Assuming that the following tax rates apply : Norwegian Income tax 40% U.S. Income tax 35% U.S. import duty 10 % on invoice price A. Determine the total amount of taxes and duties paid to the U.S and Norwegian government if each toy airplain is sold to EAGLE Company at price of $20 per unit. B. Determine the total amount of taxes and duties paid to the U.S and Norwegian government if each toy airplain is sold to EAGLE Company at price of $25 per unit.
- ) USCo purchases widgets in the United States and sells them abroad with title on resale passing in the foreign country whose operations sold the widget. In addition to earning $100,000 of taxable income from U.S. sales, USCo earns $100,000 of taxable income from Canadian sales by its Canadian branch that is subject to tax in Canada at a 25% rate. USCo also has a Hong Kong branch that earns $100,000 of taxable income that is subject to Hong Kong tax at a 15% rate. Any facts stated in an individual question relate solely to that question. Q. If the $100,000 of taxable income earned by the Hong Kong branch constitutes interest income from various Hong Kong banks on which the Hong Kong branch incurs withholding tax at a rate of 15%, what is USCo's foreign tax credit? (a) $0. (b) $40,000. (c) $36,000. (d) $42,000. (e) $15,000 in the branch limitation category and $21,000 in the passive limitation category.Q. If USCo manufactures the…USCo purchases doodads in the United States and sells them abroad with title on resale passing in the foreign country whose operations sold the doodad. In addition to earning $100,000 of taxable income from U.S. sales, USCo earns $100,000 of taxable income from Canadian sales by its Canadian branch that is subject to tax in Canada at a 25% rate. USCo also has a Hong Kong branch that earns $100,000 of taxable income from sales that is subject to Hong Kong tax at a 15% rate. What is the foreign tax credit limitation?Assume the U.S. corporate income tax rate is 40 percentand the Mexican corporate income tax rate is 30 percent.Jacques International Apparel Company has subsidiaries inboth the U.S. and Mexico. Jacques is trying to decide whattransfer price to use for its famous French frock, whichis being transferred from the U.S. subsidiary to theMexican subsidiary. It could ship the frock at the marketprice of $75 or at cost plus 20 percent. The cost of the frockis $40. Which transfer price would minimize Jacques’s taxburden?a. $75.b. $48.c. $90.d. $75 $40 $35.
- ABC limited (An Australian company) imports die-cast parts from its Chinese subsidiary that areused in the production of children’s toys. Per unit, part 126 costs the Chinese subsidiary AUD$200 and AUD $20 to ship to ABC limited.ABC limited uses part 126 to produce a toy airplane that it sell to local stores for AUD $600 perunit. The following tax rates apply:Chinese income tax: 25%Australian income tax: 30%Australian import duty: 10% of invoice priceRequired:a. Calculate the total amount of income taxs and import duties paid to the Australian andChinese government if part 126 is sold to ABC limited at the price of AUD $300 per unitb. Calculate the total amount of income taxs and import duties paid to the Australian andChinese government if part 126 is sold to ABC limited at the price of AUD $400 per unitc. Explain why the results got in part (a) and (b) differWISsub annually resells to industrial manufacturing companies approximately 30,000 industrial ovens purchased from FORCo, its foreign parent, that are neither branded nor warranted. FORCo also sells 5,000 industrial ovens to an independent third party in Canada for $100,000 each. Unlike the industrial ovens sold to WISsub, the industrial ovens sold in Canada are warranted and bear the valuable FORCo label. Suppose that the comparable profits methodology is the best method. Further assume that your search for comparable companies preliminarily includes those on the list below with all return on sales figures being a proper average of the last three taxable years. Which of the companies are functionally comparable to WISsub? (a)ABC limited (An Australian company) imports die-cast parts from its Chinese subsidiary that areused in the production of children's toys. Per unit, part 126 costs the Chinese subsidiary AUD $200 and AUD $20 to ship to ABC limited. ABC limited uses part 126 to produce a toy airplane that it sell to local stores for AUD $600 per unit. The following tax rates apply: Chinese income tax: 25% Australian income tax: 30% Australian import duty: 10% of invoice price Required: a. Calculate the total amount of income taxs and import duties paid to the Australian and Chinese government if part 126 is sold to ABC limited at the price of AUD $300 per unit b. Calculate the total amount of income taxs and import duties paid to the Australian and Chinese government if part 126 is sold to ABC limited at the price of AUD $400 per unit c. Explain why the results got in part (a) and (b) differ
- Honesto imported a harvester from the U.S. with a total cost of 1,100,000 before Customs Duties. The importation is subject to 10% Customs duties. What is the VAT on importation if the importation is made by an agricultural cooperative?* a. P 158,400 b. P 144,000 c. P 129,600 d. P 0ABC Corporation has the following sales during the month of October: Sales to a private company, VAT exc; of P 100,000 Sales to private companies, 0% VAT rate; P 100,000 Sales of exempt goods; P 100,000 Sales to Govt; subject to 5% final VAT withholding tax; P100,000 The following input taxes were passed on by its suppliers: Input tax on taxable goods at 12%; P 6,000 Input tax on zero-rated sales of P 3,000 Input tax on sales to Govt of P 7,000 Input tax on depreciable asset- Not attributable to any specific activity (amortization) of P 20,000 Input tax on exempt sales of P 1,000 Compute the VAT Payable below: VAT output: Total VAT output Less: VAT input VAT payable (Excess VAT input)Indeco, a U.S. C corporation, operates Grange, a sales branch in Staccato. Indeco’s U.S. marginal income tax rate is 21%; it is 15% for Staccato. Grange’s pretax profit for the year is $1,000,000. There is no income tax treaty between the United States and Staccato. Staccato’s currency is the U.S. dollar. Com- pute Indeco’s combined U.S. and foreign income tax on the Grange profits under each of the following assumptions.