Question: Which of the following statements describes the tax status of a Canadian corporation that carries on a business in Canada and also operates a major

Which of the following statements describes the tax status of a Canadian corporation that carries on a business in Canada and also operates a major branch operation in the U.S.?

Income earned in Canada and branch income net of withholding tax are taxable in Canada.
All income of the corporation is taxable in Canada.Income earned in Canada and branch income before expenses are taxable in Canada.
Only income earned in Canada is taxable in Canada.

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