Rainier Corporation,a U.S.corporation,manufactures and sells quidgets in the United States and Europe.Rainier conducts its operations in Europe through a German GmbH,which the company elects to treat as a branch for U.S.tax purposes.Rainier also licenses the rights to manufacture quidgets to an unrelated company in China.During the current year,Rainier paid the following foreign taxes,translated into U.S.dollars at the appropriate exchange rate:
What amount of creditable foreign taxes does Rainier incur?

Question

Rainier Corporation,a U.S.corporation,manufactures and sells quidgets in the United States and Europe.Rainier conducts its operations in Europe through a German GmbH,which the company elects to treat as a branch for U.S.tax purposes.Rainier also licenses the rights to manufacture quidgets to an unrelated company in China.During the current year,Rainier paid the following foreign taxes,translated into U.S.dollars at the appropriate exchange rate:
  What amount of creditable foreign taxes does Rainier incur?

Quizplus · Accepted Answer

The Answer of Rainier Corporation,a U.S.corporation,manufactures and sells quidgets in the United States and Europe.Rainier conducts its operations in Europe through a German GmbH,which the company elects to treat as a branch for U.S.tax purposes.Rainier also licenses the rights to manufacture quidgets to an unrelated company in China.During the current year,Rainier paid the following foreign taxes,translated into U.S.dollars at the appropriate exchange rate:
  What amount of creditable foreign taxes does Rainier incur?