Acct

* Question 1

10 out of 10 points

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| Dividend, interest and royalty payments do *not* get the reduced treaty withholding rate if the company is: Answer | | | |

| Selected Answer: |    A hybrid  entity. |

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* Question 2

10 out of 10 points

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| What is a controlled foreign corporation? Answer | | | |

| Selected Answer: |         A controlled foreign corporation is a foreign corporation in which U.S. shareholders in aggregate own more than 50% of the total combined voting power on any day during the controlled foreign corporation’s tax year.   |

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* Question 3

10 out of 10 points

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| What does subpart F income consist of?Answer | | | |

| Selected Answer: |     Interest, dividends, rents, royalties, annuities, gains from sales of certain foreign property, foreign currency exchange rate gains, net income from commodities trades and foreign base company sales income. |

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* Question 4

10 out of 10 points

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| How is foreign base company best defined?Answer | | | |

| Selected Answer: |    Income derived by a CFC from transactions of personal property to/from a related person and manufactured and sold outside the CFC's country of incorporation. |

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* Question 5

10 out of 10 points

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| Which of the following is NOT a form of foreign income taxes for foreign tax credit?Answer | | | |

| Selected Answer: |    Branch income tax. |

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* Question 6

10 out of 10 points

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|   Which statement best describes the full-inclusion rule of foreign CFC income?Answer | | | |

| Selected Answer: |      If more than 70% of the CFC's gross income is foreign bas income, all income is treated as foreign base income. |

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* Question 7

10 out of 10 points

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| Under a commercial traveler exception, the maximum amount of time a nonresident may be physically present within the U.S. during the current year...