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Trikeco, a domestic corporation, manufactures mountain bicycles for sale both in the United States and Europe. Trikeco operates in Europe through Trike1, a wholly-owned Italian corporation that manufactures a special line of mountain bicycles for the European market. In addition, Trike1 owns 100% of Trike2, a U.K. corporation that markets Trike1's products in the United Kingdom. At end of the current year, the undistributed earnings and foreign income taxes of Trike1 and Trike2 are as follows:

Trike1 Trike2

Post-1986 undistributed earnings ............ $90 million........... $54 million

Post-1986 foreign income taxes ............... $36 million........... $27 million

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91723586

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