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GlobalCo, a foreign corporation not engaged in a U.S. trade or business, receives $80,000 in interest income from deposits with the foreign branch of a U.S. bank. The U.S. bank earns 24% of its income from foreign sources. How much of GlobalCo's interest income is U.S. source?
Great Depression
A severe, worldwide economic downturn that took place during the 1930s, marked by high unemployment, deflation, and a significant drop in consumer spending and investment.
Unions
Organizations formed by workers to advocate for their rights, benefits, and interests within the workplace.
Organize
To arrange or structure people, items, or activities in a systematic way for efficiency or clarity.
Holiday Act
Legislation that specifies public holidays and the rights of employees regarding these days off.
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