USP is a domestic corporation. In 20Y1, USP reports $210,000…
USP is a domestic corporation. In 20Y1, USP reports $210,000 of taxable income on its Form 1120. The $210,000 includes $120,000 of US source income and $90,000 of foreign source income that USP earned through a foreign branch. USP paid $23,400 of foreign tax on the income of the foreign branch. What is USP’s US tax liability in 20Y1? Round to the nearest whole dollar amount and do not enter a dollar sign or a decimal point (e.g., enter 89, not $89.00).
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