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 74030 (APB 23). The corporations' book income, permanent and temporary booktax differences, and current tax expense are reported as follows. Provide the GAAP income tax footnote rate reconciliation for PaintCo using both dollar amounts and percentages.

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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 740­30 (APB 23). The corporations' book income, permanent and temporary book­tax differences, and current tax expense are reported as follows. Provide the GAAP income tax footnote rate reconciliation for PaintCo using both dollar amounts and percentages.