GreenCo, a Domestic Corporation, Earns $25 Million of Taxable Income

question 143

Multiple Choice

GreenCo, a domestic corporation, earns $25 million of taxable income from U.S.sources and $5 million of taxable income from foreign sources.What amount of taxable income does GreenCo report on its U.S.tax return?

• A)$30 million.
• B)$25 million.
• C)$30 million less any tax paid on U.S.income.
• D)$25 million less any tax paid on the foreign income.

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