The foreign subsidiaries of Bronco Corporation generated aggregate before-tax income of $63,000,000 in the current year, on which they paid corporate income tax at an average rate of 16 percent. Broncos foreign subsidiaries had an aggregate amount of property, plant, and equipment of $440,000,000. The U.S. corporate income tax rate is 21 percent.

Required:

1. Determine the amount of global intangible low-taxed income (GITLI) Bronco was required to report in its U.S. taxable income in the current year.
2. Determine the amount of U.S. tax liability related to GITLI in the current year.