Msume a \".5. tax rate ef 35 pereer. {Rum-Id ell nurnhe'rs tn the nearest $11 3]. Assume that MED\": uperatiun in Great Brita in f5 reglstered wlth the British gueernment as a branch. Required: Determine the amount of U5. taxahie income. U.S. fereign tax credit, and net US. .tax Iiahiliw minted tn the Etish branch {afl In U5. dollarsa. h] Assume that MEWS l'3'E'-'er':1ti:::n*l In Great Britain is ineerperated as a Subsidiaf'f- Required: Determine the ameunt nf LLS. taxable Income, LLB. foreign tax eren'it; and net US. tax liatmllinr related tn the British substiere [all m us. dellarsl. 4, McD's Fish n' Chips, a U.S. based company, establishes an operation in Great Britain in January of Year 1, when the exchange rate is US$1.60 per British pound (GBP). During Year 1 the British branch generates 6,000,000 GBP of pre-tax income. On October 15, Year 1, I 3,000,000 GBP is repatriated to McD's and converted into U.S. dollars. Assume the effective income tax rate in Great Britain is 28 percent. Taxes were paid in Great Britain on December 31, Year 1. Relevant exchange rates for Year 1 are provided here (USS per GBP): January 1 1-60 Average 30 140 October 15 1.30 December 31 1.20