Section C (4 Mark)
In the year to 31 March 2012, a UK resident company receives overseas income of £9,000 (net) from which
10% tax has been deducted at source. The company's only other income is a UK trading profit of £80,000.
There are no associated companies. What is the UK corporation tax liability for the year?

Section A (1 Mark)
An investor will take as large a position as possible when an equilibrium price relationship is violated. This is an example of _________.

Section B (2 Mark)
Assume that you purchased 100 shares of ABC in a self directed account and paid a commission on the transaction. Shortly following the purchase, you realize that you momentarily overlooked another 100 shares of ABC that you already owned in another account. Now, the redundant holdings are causing an imbalance in your overall portfolio.
What is your reaction to this situation, in case of Endowment Bias?

Section B (2 Mark)
Which of the following statements with respect to Transfer Pricing is/are correct?

Section A (1 Mark)
In US, how many states do not have a corporate income tax?