Annotated Bibliography Writing Services: If one precredit U.S. tax is 35% of taxable income, what is its foreign tax credit for the year?
a Delaware corporation, owns 5 percent of the stock of FC, a country X corporation that is not engaged in a U.S. Trade/Business and whose other shareholders are foreign persons. DC also holds debt obligations issued by FC. During the current year, FC earns $2000 (which is subject to $250 of foreign tax); DC receives $100 of dividends and $100 of interest from FC. Country X tax of $20 is withheld from each of these items of income. DC also has $1,000 of taxable sales income from branch operations in country X, and it pays $400 of country X tax on this income. DC has no other income than the items mentioned. If one precredit U.S. tax is 35% of taxable income, what is its foreign tax credit for the year?
Two police officers were patrolling in a high-crime neighborhood. They noticed a parked car with two people inside (a driver and a passenger). The officers saw a young woman leaning into the passenger’s window and handing the passenger an object, which they could not identify. At this point they approached the car and the woman began to walk away.
One of the officers noticed the passenger making a shoving down motion, leading the officer to believe that the passenger might be armed. The officer drew his gun and shouted “let me see your hands.” After making more shoving down motions, the passenger complied.
The officer reached into the car and touched a bulge in the passenger’s pocket. He felt large, hard objects which he believed to be rocks of crack cocaine. He then removed a plastic bag from the pocket. It contained several rocks of crack cocaine that, together with another rock found in the passenger’s clothing, totaled almost 100 grams. The passenger was arrested, but the driver and the woman standing outside it were not
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