Lili, Inc., a domestic corporation, operates a branch in France. The earnings record of the branch is as follows.

Year	Taxable Income (Loss)				Foreign Taxes Paid
1	($25,000)				$0
2	(40,000)				0
3	(10,000)				0
4	$120,000				40,000

Lili, Inc., reports U.S.-source taxable income of $500,000 each year. Assume a 35% U.S. tax rate.

Round your answers to the nearest dollar.

Ignoring any recapture, what is the tentative FTC for year 4? $________

What is the allowed FTC for year 4 as the result of any recapture? $_______