Gogo-a-gogo, a manufacturer of dance shoes located in France, is a 90% owned subsidiary of Dance-Togs, Incorporated, a calendar-year corporation. In 2017 it earned a total of $400,000 on its manufacturing operations in France and paid $120,000 in French income taxes on that income. It distributed $60,000 to its parent corporation during the year. How much of Gogo-a-gogo's income must Dance-Togs include in its income for 2017?

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The Answer of Gogo-a-gogo, a manufacturer of dance shoes located in France, is a 90% owned subsidiary of Dance-Togs, Incorporated, a calendar-year corporation. In 2017 it earned a total of $400,000 on its manufacturing operations in France and paid $120,000 in French income taxes on that income. It distributed $60,000 to its parent corporation during the year. How much of Gogo-a-gogo's income must Dance-Togs include in its income for 2017?

Gogo-A-Gogo, a Manufacturer of Dance Shoes Located in France, Is