Which of the following foreign taxes is not a creditable foreign tax for U.S. tax purposes? Multiple Choice O Income tax paid to the government of Portugal Income tax paid to the city of Amsterdam Value-added tax paid to the government of France All of these taxes are creditable.
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- Can any nonrefundable credits, other than the foreign tax credit, reduce the regular income tax liability below the amount of the TMT? Explain.US Tax law contains a two-pronged system for taxing the US source income of foreign persons. Briefly explain this system.Why does the United States negotiate income tax treaties with other countries?
- . Calculation of Net U.S. Tax Liability (on foreign source income)What are the four factors that determine the manner in which income earned by a foreign operation of a U.S. taxpayer will be taxed by the U.S. government?Please describe how tax-exempt interest and foreign-earned income exclusion are used in the U.S.?
- taxes commonly used by many countries includes: - import duty payable on specific types of imprted goods - individual income tax usally deducted at source - corporated income tax - value added tax which of the above would normally be difined as direct taxation a - 1 and 2 b - 2 and 4 c- 2 and 3 d- 1 and 4TRUE OR FALSE income tax paid abroad is a deductible item by a resident alien in the PhilippinesThe Philippine Congress enacted a law requiring foreign banks to withhold taxes earned by Flipino residents in their country and to remit the sameto the Philippines governmert. Is this valid exercise of taxation power? Mention any applicable theories in taxation to answer.
- Which statement is true concerning an individual who is a US tax resident and a corporation that is a US tax resident? A. Both an individual who is a US tax resident and a corporation that is a US tax resident pay US income tax on their Worldwide. B. An individual who is a US tax resident pays US income tax only on US sources income and very limited foreign source income while a corporation that is a US tax resident pays US income tax on its worldwide income. C. An individual who is a US tax resident pays US income tax on his worldwide income while a corporation that is a US tax resident pays US income tax only on US source income and very limited foreign source income. D. Both an individual who is a US tax resident and a corporation that is a US tax resident pay US income tax on their worldwide. E. Both an individual who is a US tax resident and a corporation that is a US tax resident pay US income tax only on US source incomeWhy might the effective tax rate paid on income earned within a country be different from that country’s national corporate income tax rate?In order to simplify the tax code, current regulations require that a dollar of income earned by a U.S. Corporation in the United States is taxed in the same way as a dollar of income earned by a U.S. Corporation in a foreign country. Select one: True False