Manhattan Pictures is a U.S. corporation that owns 100% of Alpha, a Greek corporation. Manhattan Pictures receives

Question:

Manhattan Pictures is a U.S. that owns 100% of Alpha, a Greek Manhattan Pictures receives a of $42,000 from Alpha. Alpha has $320,000 of accumulated earnings and profits and has paid foreign taxes that total $60,000. Manhattan Pictures’ taxable income before consideration of the is $30,000. Manhattan Pictures is subject to a flat 35% U.S. tax rate.
a. What is Manhattan Pictures’ deemed paid foreign taxes with respect to the Alpha
b. What is Manhattan Pictures’ FTC?
c. How much U.S. tax after FTC will be paid on the
d. How much does Manhattan Pictures get after all taxes are paid? Corporation
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