Multiple Choice
Wellington,Inc.,a U.S.corporation,owns 30% of a CFC that has $50 million of earnings and profits for the current year.Included in that amount is $20 million of Subpart F income.Wellington has been a CFC for the entire year and makes no distributions in the current year.Wellington must include in gross income (before any § 78 gross-up) :
A) $0.
B) $6 million.
C) $20 million.
D) $50 million.
Correct Answer:
Verified
Correct Answer:
Verified
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