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Chapter 24 Quiz (Allocation of Taxes and FTC ( 3 bonus points): 1. Quebec Corporation, a Canadian corporation, is a 100% subsidiary of USA, Corp, a U.S. corporation. USA Corp reported U. S. taxable income of $2,000,000 and is in the 34% US tax rate. Quebec Corporation had the following: a. Post 1986 earnings and profits $2,400,000 b. Post 1986 foreign taxes $1,600,000 c. Paid a dividend to USA Corp $ 600,000 d. Tax withheld on dividend to USA Corp $ 30,000 Compute the following tax consequences to USA Corp as a result of the dividend from Quebec Corporation. Assume the dividends are General Category Income. Your quiz is to review the computation and email me a copy of the solution on the next page through HCCS or Canvas email by the due date of 11/21/2016, 6:00 am. a. USA Corp Taxable Income b. USA Corp Net Tax c. FTC Carryforward 1. a. Solution: USA Corp Taxable Income: U.S. Taxable Income Add: Foreign Dividend Income $2,000,000 $ 600,000 Deemed Paid FTC * 400,000 1,000,000 * ($ 600,000 x $1,600,000) =$400,000 $2,400,000 USA Corp Taxable Income b. $3,000,000 USA Corp Net Tax: USA Corp Taxable Income $3,000,000 US Tax Rate ___34% US Tax $1,020,000 FTC Allowed ($1,000,000 Dividend Income x 34%) (340,000) US Net Tax c. $ 680,000 FTC Carryforward: FTC Deemed Paid FTC Used $400,000 340,000 $60,000 FTC Withheld 30,000 FTC Carryforward $90,000