Sombrero Corporation, a U.S. corporation, operates through a branch in Espania. Management projects that the company's...

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Sombrero Corporation, a U.S. corporation, operates through a branch in Espania. Management projects that the company's pretax income in the next taxable year will be $118,500: $94,400 from U.S. operations and $24,100 from the Espania branch. Espania taxes corporate income at a rate of 30 percent. Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount. b. Management plans to establish a second branch in Italia. Italia taxes corporate income at a rate of 10 percent. What amount of income will the branch in Italia have to generate to eliminate the excess credit generated by the branch in Espania? Income Sombrero Corporation, a U.S. corporation, operates through a branch in Espania. Management projects that the company's pretax income in the next taxable year will be $118,500: $94,400 from U.S. operations and $24,100 from the Espania branch. Espania taxes corporate income at a rate of 30 percent. Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount. b. Management plans to establish a second branch in Italia. Italia taxes corporate income at a rate of 10 percent. What amount of income will the branch in Italia have to generate to eliminate the excess credit generated by the branch in Espania? Income

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