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How much will Wayne owe to the US government

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Reference no: EM132510230

Question - Wayne Company had foreign subsidiaries which earned combined pre-tax income of $80,000,000, and paid foreign corporate income taxes on those earnings at an average rate of 14%. Wayne's subsidiaries had combined property, plant and equipment book value of $500,000,000.

Part A) How much global intangible low-taxed income (GILTI) was Wayne required to report in its US taxable income?

A. $80,000,000

B. $30,000,000

C. $15,000,000

D. $0

Part B) Assuming a US corporate tax rate of 21%, how much will Wayne owe to the US government related to GILTI, after any applicable foreign tax credit?

A. $16,800,000

B. $1,470,000

C. $1,050,000

D. $0

Reference no: EM132510230

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