Moon Beam Corporation, a U.S. corporation, has a foreign office that conducts business in Germany. Moon Beam pays foreign taxes of $55,000 on foreign-source taxable income of $163,200. Its U.S.-source taxable income is $346,800, total U.S. taxable income (worldwide) of $510,000, and U.S. tax liability (before reductions for the foreign tax credit) is $107,100. Requirement

Moon Beam Corporation, a U.S. corporation, has a foreign office that conducts business in Germany. Moon Beam pays foreign taxes of $55,000 on foreign-source taxable income of $163,200. Its U.S.-source taxable income is $346,800, total U.S. taxable income (worldwide) of $510,000, and U.S. tax liability (before reductions for the foreign tax credit) is $107,100. Requirement