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What is the US corporation taxable income

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A U.S. corporation established a 100% owned business in Germany. The U.S. corporation has U.S. source income in the current year of $300,000. The German business reports the following information for the current year:

German-source net income  200,000
German income tax            80,000
Net income after taxes       120,000
Cash remitted to U.S. owner  30,000
German withholding tax          3,000
Cash received by U.S. owner  27,000

Problem 1: Assume the business is a foreign corporation that qualifies as a CFC and that the income is not subpart F income. What is the U.S. corporation's taxable income (before any or credits)?

Reference no: EM132883132

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