Generally accrued foreign income taxes are translated

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Financial Accounting: The Impact on Decision Makers
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Chapter 10 / Exercise 10-12
Financial Accounting: The Impact on Decision Makers
Norton/Porter
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62. Generally, accrued foreign income taxes are translated at the:a. Exchange rate when the taxes are paid.b. Exchange rate on the date when the taxes are accrued.c. Average exchange rate for the tax year to which the taxes relate.d. Average exchange rate for the last five tax years.ANSWER:c
63. Which of the following statements regarding the translation of foreign income taxes is true?
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Financial Accounting: The Impact on Decision Makers
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Chapter 10 / Exercise 10-12
Financial Accounting: The Impact on Decision Makers
Norton/Porter
Expert Verified
Chapter 9: Taxation of International Transactions64. GoldCo, a U.S. corporation, incorporates its foreign branch in a § 351 exchange, creating GreenCo, a wholly owned foreign corporation. GoldCo transfers $200 in inventory (basis = $50) and $900 in land (basis = $950) to GreenCo. GreenCo uses these assets in carrying on a trade or business outside the U.S. What gain or loss, ifany, does GoldCo recognize as a result of this transaction?
65. SilverCo, a U.S. corporation, incorporates its foreign branch in a § 351 exchange, creating GreenCo, a wholly owned foreign corporation. SilverCo transfers $200 in Yen (basis = $150) and $900 in land (basis = $925) to GreenCo. GreenCo uses these assets in carrying on a trade or business outside the United States. What gain orloss, if any, is recognized as a result of this transaction?

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