AmExports, Inc. (a US corporation) purchases goods from unrelated third parties and sells them to customers in the US and Europe. Assume the only expense the company deducts from gross profit is for salaries. Based on this, AmExports had the following US taxable income in the current year: Gross Profit 150,000,000 Salaries (27,000,000) Taxable Income $123,000,000 Consider the following additional facts: $50,000,000 of AmExports's gross profits were from selling goods in the US and the remaining $100,000,000 was from selling goods in Europe AmExports paid $16,800,000 of foreign taxes AmExports apportions salaries based on gross profits Title passes FOB destination on all sales What is AmExports's total US and worldwide tax?

Answer rating: 100% (QA)

our analysis of AmExportss US and worldwide tax situation is excellent Youve correct... View the full answer