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 10%.PaintCo is permanently reinvesting BrushCo's earnings outside the United States under ASC 740-30 (APB 23).The corporations' book income,permanent and temporary differences,and current tax expense are as follows.Determine PaintCo's total tax expense reported on its 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 10%.PaintCo is permanently reinvesting BrushCo's earnings outside the United States under ASC 740-30 (APB 23).The corporations' book income,permanent and temporary differences,and current tax expense are as follows.Determine PaintCo's total tax expense reported on its financial statements,its current tax expense (benefit),and its deferred tax expense (benefit).