WorksheetsITS Core Competencies: Quiz
Total questions: 14
Worksheet time: 8mins
Who falls in scope for Corporate Alternative Minimum Tax (CAMT)?
Corporations with $1 billion+ average annual adjusted financial statement income
Corporations with $500 million+ average annual adjusted financial statement income
Corporation with $1 billion+ average annual taxable income
Corporations with $500 million+ average annual adjusted financial statement income
All of the above
What is the maximum percentage of the deemed paid foreign tax credit related to the CFC’s GILTI that can be used to offset the US tax on the US shareholder’s GILTI?
0%
50%
80%
100%
The GILTI amount needs to be grossed up by the taxes attributable to the GILTI amount in order to get to the US shareholder’s GILTI inclusion. What is this gross-up amount referred to?
Foreign tax credit
The Section 250 gross-up
The Section 78 gross-up
GILTI gross-up
The full inclusion rule treats all of the CFC’s gross income as subpart F income if the foreign base company income exceeds at least what percentage of the CFC’s total gross income?
25% of the CFC’s total gross income
50% of the CFC’s total gross income
70% of the CFC’s total gross income
90% of the CFC’s total gross income
One way the manufacturing exception to FBCSI is satisfied is through the substantial contribution test. In general, what does the substantial contribution test require?
CFC substantially contributes to the manufacture of the property
CFC establishes a branch to conduct manufacturing operations
US shareholder substantially contributes to the manufacture of the property
US shareholder establishes a foreign branch to conduct manufacturing operations
Which form is required to be filed for the annual country-by-country reporting by certain U.S. persons that are the ultimate parent entity of a U.S. multinational enterprise (MNE) group with annual revenue for the preceding reporting period of $850,000,000 or more?
Form 5713
Form 8883
Form 8975
Form 8992
What form must corporations file to claim FTCs?
Form 8858
Form 1118
Form 1120-F
Form 5471
Deemed foreign tax credits exist with respect to which types of income?
Subpart F income
GILTI income
Both subpart F income and GILTI income
A 'tested jurisdiction' may pass which of the following tests to qualify for the Transitional CbCR Safe Harbour?
De minimis test
Simplified ETR Test
Routine Profits test
Any of the above
A QDMTT will apply before CFC allocations and application of the IIR or UTPR.
True
False
The Total Deferred Tax Adjustment Amount for a Constituent Entity for the Fiscal Year is equal to the deferred tax expense accrued in its financial accounts if the applicable tax rate is below the Minimum Rate or, in any other case, such deferred tax expense is recast at what rate?
The Minimum Rate (15%)
21% for US headquarter companies
The Maximum Rate
None of the above
Which form is used to compute and report the Foreign-Derived Intangible Income (FDII) and deduction eligible for U.S. C corporations?
Form 8993
Form 8992
Form 5471 Sch G
Form 1120 Sch K
BEAT generally applies to corporations with average annual gross receipts of at least how much over a three-year period?
$25 million
$100 million
$500 million
$1 billion
When is the due date for acknowledging all Snapshots?
4/30
3/31
5/15
4/15
