AAA is a US company. The corporate tax rate is 40% in USA. The company also has a 100% owned subsidiary in Canada. The tax rate in Canada is 30%. If for a given year the US company had $100 million of taxable profits from it US operations and additional $50 million of taxable profits from Canada operations. What is the total amount of taxes that the company will pay to IRS for the year assuming that the company paid its Canadian taxes and brought back the profits to US?

Please show EXCEL formulas as well.