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Question: 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 $163,700, $140,000 from U.S. operations and $23,700 from the branch. Espania taxes corporate income at a rate of 45 percent. The U.S. corporate tax rate is 35 percent. (Do not round intermediate calculations.)
Problem Part-a: a. If management's projections are accurate, what will be Sombrero's excess foreign tax credit in the next taxable year? Assume all of the income is general category income.
- What is the excess foreign tax credit?
Problem Part-b: b. Management plans to establish a second branch in Italia. Italia taxes corporate income at a rate of 30 percent. What amount of income will the branch in Italia have to generate to eliminate the excess credit generated by the branch in Espania?
- What is income?
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