Question Two Streep Company (a US-based company has branches in three countries X. Y. and Z. All three branches sell goods and services in their host country. Income tax rates on branch profits in these three countries over the most recent three year period are as follows: Country Year 1 Year 2 Year 3 X Y z 28 16 16 None of these countries imposes a withholding tax on branch profits distributed to a foreign parent company. The US corporate income tax rate over this three-year period was 21 percent Pretax income earned by each branch over the most recent three year period is as follows: Year! Year 2 Branch X $100.000 $100,000 $100,000 Branch 150.000 150.000 150.000 Branch Z 200.000 200.000 200.000 Required Determine the amount of foreign source income Streep will include in its U.S. tax return in each of the three years Y 11 11 11 Z 28 10 16 None of these countries imposes a withholding tax on branch profits distributed to a foreign parent company. The US corporate income tax rate over this three year period was 21 percent Pretax income earned by each branch over the most recent three year period is as follows Year! Year 2 Branch X $100,000 $100.000 $100.000 Branch Y 150.000 150.000 150.000 Branch Z 200.000 200.000 200.000 Required: Determine the amount of foreign source income Streep will include in its U.S. tax return in each of the three years. b. Determine the amount of foreign tax credit Streep will be allowed to take in determining its US. tax liability in each of the three years Determine the amount of excess foreign tax credit, if any, Streep will have in each of the three years. d. Determine Streep's Get U.S. tax liability in each of the three years