Halo Corporation, a U.S. corporation, has a foreign office that conducts business in Portugal. Halo pays foreign taxes of $55,000 on foreign-source taxable income of $189,750. Its U.S.-source taxable income is $385,250, total U.S. taxable income (worldwide) of $575,000, and U.S. tax liability (before reductions for the foreign tax credit) is $120,750. Requirement What is Halo's foreign tax credit? What is Halo's foreign tax credit carryback or carryover? What is Halo's foreign tax credit? (Do not round interim calculations.) Halo's allowable general business credit in the current year =