Portsmouth Corporation, a British corporation, is a wholly owned subsidiary of Salem Corporation, a U.S. corporation. During the year, Portsmouth reported the following income:$250,000 interest income received from a loan to an unrelated French corporation.$100,000 dividend income received from a less than 1 percent owned unrelated Dutch corporation.$150,000 rent income from an unrelated British corporation on property Portsmouth actively manages.$500,000 gross profit from the sale of inventory manufactured by Portsmouth in Great Britain and sold to a 10 percent owned subsidiary in Germany.What amount of subpart F income does Portsmouth recognize in the current year?

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The Answer of Portsmouth Corporation, a British corporation, is a wholly owned subsidiary of Salem Corporation, a U.S. corporation. During the year, Portsmouth reported the following income:$250,000 interest income received from a loan to an unrelated French corporation.$100,000 dividend income received from a less than 1 percent owned unrelated Dutch corporation.$150,000 rent income from an unrelated British corporation on property Portsmouth actively manages.$500,000 gross profit from the sale of inventory manufactured by Portsmouth in Great Britain and sold to a 10 percent owned subsidiary in Germany.What amount of subpart F income does Portsmouth recognize in the current year?

Portsmouth Corporation, a British Corporation, Is a Wholly Owned Subsidiary