Greenco, a u.s. corporation, earns $25 million of taxable income from u.s. sources and $10 million of taxable income from foreign sources. what amount of taxable income does greenco report on its u.s. tax return?

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Isabelcastillox7232 Isabelcastillox7232

24-11-2017
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Greenco, a u.s. corporation, earns $25 million of taxable income from u.s. sources and $10 million of taxable income from foreign sources. what amount of taxable income does greenco report on its u.s. tax return?

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shinmin shinmin · Answer 1 · 2017-12-05T08:28:14+01:00

Taxable income is the sum of income used to compute a person's or a business's income tax due. Taxable income comprises salaries, pays, bonuses and tips, on top of investment revenue and unearned revenue. In this case, the corporation have $25 million that came from US Sources then the additional $10 million is also part of the taxable income because it is part of the normal course of the business. Therefore, GreenCo must report $35 million.