PaintCo Inc.,a domestic corporation,owns 100% of BrushCo Ltd.,an Irish corporation.Assume that the U.S.corporate tax rate is 35% and the Irish rate is 15%.PaintCo is permanently reinvesting BrushCo's earnings outside the United States under ASC 740-30 (APB 23).The corporations' book income,permanent and temporary book-tax differences,and current tax expense are reported as follows.Determine PaintCo's total tax expense reported on its GAAP financial statements,its current tax expense (benefit),and its deferred tax expense (benefit).

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The Answer of PaintCo Inc.,a domestic corporation,owns 100% of BrushCo Ltd.,an Irish corporation.Assume that the U.S.corporate tax rate is 35% and the Irish rate is 15%.PaintCo is permanently reinvesting BrushCo's earnings outside the United States under ASC 740-30 (APB 23).The corporations' book income,permanent and temporary book-tax differences,and current tax expense are reported as follows.Determine PaintCo's total tax expense reported on its GAAP financial statements,its current tax expense (benefit),and its deferred tax expense (benefit).