For the current year, Crocker Corp., a domestic corporation, has U.S. taxable income of $700,000, which includes $100,000 from a foreign division. Crocker paid $40,000 of foreign income taxes on the income of the foreign division. Assuming Crocker's U.S. income tax for the current year before credits is $210,000, its maximum foreign tax credit for the current year is $ 6,400. $30,000. $35,000. $40,000.Carita Fund, organized and operated exclusively for charitable purposes, provides insurance coverage, at amounts substantially below cost, to exempt organizations involved in the prevention of cruelty to children. Carita's insurance activities are Exempt from tax. Treated as unrelated business income. Subject to the same tax provisions as those applicable to insurance companies. Considered "commercial-type" as defined by the Internal Revenue Code