Corporation X, a US Corporation, reported total taxable income of $8,000,000 in 2020 and pre-credit income taxes of 1,680,000. Taxable income included 2,000,0000 of foreign source taxable income from the companys branch operations in the United Kingdom. All of the branch income is foreign branch income. Corporation X paid UK income taxes 500,000 on its branch income. In addition, Corporation X taxable income includes royalties 400,000 classified as foreign passive income. Corporation X has foreign taxes withheld of 40,000.

1. Compute Corporation Xs net US tax liability.
2. Compute any foreign tax credit carryover available for 2021.