I:14-53 Foreign Tax Credit. Laser Corporation, a U.S. corporation, has a foreign office that conducts business in France. Laser pays foreign taxes of $74,000 on foreign-source taxable income of

$185,000. Its U.S.-source taxable income is $320,000, total U.S. taxable income (worldwide)

of $505,000, and U.S. tax liability (before reductions for the foreign tax credit) is $106,050.

What is Laser’s foreign tax credit? What is Laser’s foreign tax credit carryback or carryover?