Which of the following organizations published a comprehensive code of ethics but did not carry them out?
a. Metlife
b. Enron
c. J. C. Penney
d. GE
b. Enron
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Portsmouth Corporation, a British corporation, is a wholly owned subsidiary of Salem Corporation, a U.S. corporation. During the year, Portsmouth reported the following income:$250,000 interest income received from a loan to an unrelated French corporation.$100,000 dividend income received from a less than 1 percent owned unrelated Dutch corporation.$150,000 rent income from an unrelated British corporation on property Portsmouth actively manages.$500,000 gross profit from the sale of inventory manufactured by Portsmouth in Great Britain and sold to a 100 percent owned subsidiary in Germany.What amount of subpart F income does Portsmouth recognize in the current year?
What will be an ideal response?
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Indicate whether the statement is true or false