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***************ANSWER TO BE IS INCORRECT - PLEASE HELP WITH THIS AND MAKE YOUR ANSWER IN BOLD TEXT*********

***************ANSWER TO BE IS INCORRECT - PLEASE HELP WITH THIS AND MAKE YOUR ANSWER IN BOLD TEXT*********

***************ANSWER TO BE IS INCORRECT - PLEASE HELP WITH THIS AND MAKE YOUR ANSWER IN BOLD TEXT*********

***************ANSWER TO BE IS INCORRECT - PLEASE HELP WITH THIS AND MAKE YOUR ANSWER IN BOLD TEXT*********

***************ANSWER TO BE IS INCORRECT - PLEASE HELP WITH THIS AND MAKE YOUR ANSWER IN BOLD TEXT*********

***************ANSWER TO BE IS INCORRECT - PLEASE HELP WITH THIS AND MAKE YOUR ANSWER IN BOLD TEXT*********

Required information [The following information applies to the questions displayed below.] 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 $123,100 : $98,000 from U.S. operations and $25,100 from the Espania branch. Espania taxes corporate income at a rate of 30 percent. Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount. If management's projections are accurate, what will be Sombrero's excess foreign tax credit in the next taxable year? Assume all of e income is foreign branch income. b. 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? Answer is complete but not entirely correct

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