axpayer Background
Chocochip Corporation, a US corporation that reports its US taxes on Form bakes the
world's best tasting white chocolate chip cookies. In addition to its US sales, Chocochip
markets its cookies in foreign countries through an extensive network of branch sales offices.
Chocochip's operating results for tax year are summarized below by source and by type of
income:
USsource income million
Foreignsource income million
Worldwide income $ million
Chocochip paid $ million of creditable foreign taxes on its net foreignsource income.
Chocochip is timely filing its Form and would like to know the US tax consequences
of the $ million in taxes it paid to foreign countries. The US corporate income tax rate is
in tax year
Instructions
Submit a Form with the relevant sections completed based on the taxpayer
information provided.
Submit an excel file you can PDF the file if you wish with any supporting calculations for
your completed form. Stated differently, submit any work papers used to complete the
Form
