Use the following information to answer the question(s)below.
Incorporated Tool,a U.S.firm,is considering its international tax situation.The corporate tax rate in the United States is currently 21%.Incorporated Tool has major operations in Ireland,where the tax rate is 12.5%,Japan where the tax rate is 40.7%,and Mexico,where the tax rate is 30.0%.Incorporated Tool's profits,which are fully and immediately repatriated,and foreign taxes paid for the current year are as follows:
-Incorporated Tools' total U.S.tax liability on its foreign earnings is closest to:

Question

Use the following information to answer the question(s)below.
Incorporated Tool,a U.S.firm,is considering its international tax situation.The corporate tax rate in the United States is currently 21%.Incorporated Tool has major operations in Ireland,where the tax rate is 12.5%,Japan where the tax rate is 40.7%,and Mexico,where the tax rate is 30.0%.Incorporated Tool's profits,which are fully and immediately repatriated,and foreign taxes paid for the current year are as follows: 
-Incorporated Tools' total U.S.tax liability on its foreign earnings is closest to:

Quizplus · Accepted Answer

Incorporated Tools has no U.S. tax liability on its foreign earnings because it is a U.S. corporation and the foreign earnings are not taxed by the U.S.

Use the Following Information to Answer the Question(s)below