USP is a domestic corporation. USP owns 100% of F, a foreign…

USP is a domestic corporation. USP owns 100% of F, a foreign corporation. During its first year of operations, F has $500,000 of pre-tax earnings and pays $70,000 in foreign income taxes. F’s $430,000 of E&P is attributable to $86,000 of Subpart F income and $344,000 of non-Subpart F income. What amount of US tax does USP owe by virtue of its ownership of F?

USP is a domestic corporation. In 20Y1, USP reports $490,000…

USP is a domestic corporation. In 20Y1, USP reports $490,000 of taxable income on its Form 1120. The $490,000 includes $280,000 of US source income and $210,000 of foreign source income that USP earned through a foreign branch. USP paid $54,600 of foreign tax on the income of the foreign branch. What is USP’s US tax liability in 20Y1? Round to the nearest whole dollar amount and do not enter a dollar sign or a decimal point (e.g., enter 89, not $89.00).