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Prepare a brief memo to traces tax vp reporting

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Question - Trace, Ltd., a foreign corporation, operates a trade or business in the United States. Trace's US -source income effectively connected with this trade or business is $800000 for the current year. Trace's current-year E&P is $650000. Trace's net US equity was $8.2 million at the beginning of the year and $8.6million at year-end. Trace is a resident in a country that has no income tax treaty with the United States. prepare a brief memo to Trace's Tax VP, reporting Trace's branch profits tax liability for the current year, along with a planning idea for reducing the branch profits tax.

Reference no: EM131820333

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