Business
Business, 03.08.2020 23:01, samarkanduzbek

Eiffel Corporation is a 100-percent owned French subsidiary of Tower Corporation, a U. S. corporation. During the current year, Eiffel paid a dividend of €500,000 to Tower. Assume an exchange rate of €1 = $1.50. Withholding taxes of €2,500 were imposed on the dividend. The dividend is paid out of earnings and profits that have not been subject to the deemed dividend rules under subpart F or GILTI. Compute the tax consequences to Tower as a result of this dividend.

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