! Required information [ The following information applies to the questions displayed below. ] Sombrero Corporation, a...
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Sombrero Corporation, a US corporation, operates through a branch in Espania. Management projects that the company's pretax income in the next taxable year will be $:$ from US operations and $ from the Espania branch. Espania taxes corporate income at a rate of percent.
Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.
o 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 foreign branch income.
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