Use the Information for the Question(s)below

question 33

Multiple Choice

Use the information for the question(s) below.
KT Enterprises,a U.S.import-export trading company,is considering its international tax situation.KT's U.S.tax rate is 21%.KT has significant operations in both Japan and Ireland.In Japan the current exchange rate is ¥118.4/$ and earnings in Japan are taxed at 41%.In Ireland the current exchange rate is $1.27/€ and earnings in Ireland are taxed at 12.5%.KT's profits,which are fully and immediately repatriated,and foreign taxes paid for the current year are shown here (in millions) :
-The amount of the taxes paid in dollars for the Irish operations is closest to:

• A)$20.5 million.
• B)$5.1 million.
• C)$29.5 million.
• D)$50.0 million.

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Definitions:

Aseptic Precautions

Measures taken to prevent contamination by pathogens in a medical or surgical setting to maintain a sterile environment.

Wearing Gloves

The practice of covering the hands with gloves as protection against various hazards or for hygiene.

OSHA Violation

A failure to comply with standards and regulations set by the Occupational Safety and Health Administration, potentially endangering workers.

Discretionary Fine

A penalty imposed by a person in authority, who has the discretion to determine both the necessity and the amount of the fine.