Multiple Choice
The Running Shoe Corp.is a Canadian corporation which plans to expand internationally.The company has decided to establish a branch in a foreign country.Which of the following is FALSE?
A) The profits of the branch will be subject to income tax in the foreign country.
B) The branch profits will be included in the Canadian corporation's worldwide income.
C) A foreign tax credit can reduce the Canadian taxes payable.
D) If the foreign country has a lower tax rate, a tax benefit will be recognized.
Correct Answer:
Verified
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