PaintCo Inc ?
Provide the GAAP Income Tax Footnote Rate Reconciliation for an Irish

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). There is no valuation allowance, and the effective tax rates do not change. PaintCo's book income, permanent and temporary book-tax differences, and current tax expense are reported as follows.
? $\begin{array}{lrl}&\text { Paint Co }&\text { Brush Co }\\\text { Book income before tax } & \$ 600,000 & \$ 400,000 \\\text { Permanent differences } & & \\\quad \text { Meals \& entertainment expense } & 40,000 & -0- \\\text { Municipal bond interest income } & (10,000) & -0- \\\text { Temporary differences } & & \\\quad \text { Tax }>\text { book depreciation } & (100,000) & -0- \\\text { Book }>\text { tax bad debt expense } & 20,000 & -0-\end{array}$ ?
Provide the GAAP income tax footnote rate reconciliation for PaintCo, using both dollar amounts and percentages.