Essay
Obispo, Inc., a U.S. corporation, received the following sources of income during 2014:
$20,000 interest income from a loan to its 100 percent owned U.S. subsidiary
$30,000 dividend income from its 100 percent owned Canadian subsidiary
$50,000 royalty income from its Irish subsidiary for use of a trademark within the United States
$40,000 rent income from its Dutch subsidiary for use of a warehouse located in Belgium
$3,000 capital gain from sale of stock in its 40 percent owned Mexican joint venture. Title passed in the United States.
What amount of foreign source income does Obispo have in 2014?
Correct Answer:
Verified
Correct Answer:
Verified
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