MACKINAC CORPORATION, A U.S. CORPORATION, REPORTED TOTAL TAXABLE INCOME OF $5 MILLION. TAXABLE INCOME INCLUDED 1.5 MILLION OF FOREIGHN SOURCE TAXABLE INCOME FROM THE COMPANY;S BRANH OPERATIONS IN CANADA. ALL OF THE BRANCH INCOME IS FOREIGN BRANCH INCOME. MACKINAC PAID CANADIAN INCOME TAXES OF 375,000 (AS TRANSLATED) ON ITS BRANCH INCOME.

HOW DO YOU COMPUTE MACKINAC'S ALLOWABLE FOREIGN TAX CREDIT.