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What amount of income will branch in italia have to generate

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Sombrero Corporation, a U.S. corporation, operates through a branch in Espania. Management projects that the company's pretax income in the next taxable year will be $100,000: $80,000 from U.S. operations and $20,000 from the Espania branch. Espania taxes corporate income at a rate of 30 percent. Assume the US tax rate is 21%.

Question 1: Management plans to establish a second branch in Italia. Italia taxes corporate income at a rate of 10 percent. What amount of income will the branch in Italia have to generate to eliminate the excess credit generated by the branch in Espania?

Reference no: EM132504465

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