Pharm Inc. is a small pharmaceutical company (organized in 2009) that is heavily involved in drug research. During 2013, Pharm Inc. incurred the following expenditures related to the company's research efforts:
Salaries of research scientists and technicians ...................... $180,000
Supplies and materials .................................................. 162,000
Depreciation on research equipment ................................. 30,000
For the years 2009-2012, Pharm Inc. had average gross receipts of $5,000,000 and the company's fixed-base percentage is 3%. Compute Pharm Inc.'s 2013 credit for research activities. Is Pharm Inc. entitled to claim any deduction for research and experimentation expenses for 2013?