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Which of the following accurately describes how the US taxes foreign branch earnings

a. earnings that have been distributed to the home office are taxable, but earnings that are retained in the foreign location are not

b. Neither earnings distributed to the home office nor earnings retained in the foreign location are taxed in the US due to the tax credit

c. Earnings distributed to the home office are translated at the exchange rate in effect on the date of the transfer

d. Profits not distributed as earnings are translated at the year-end exchange rate

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