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Horton Corporation is a 100 percent owned Canadian subsidiary of Cruller Corporation, a U.S. corporation. Horton had post-1986 earnings and profits of C$2,505,000 and post-1986 foreign taxes of $1,670,000. During the current year, Horton paid a dividend of C$626,250 to Cruller. The dividend was characterized as general category income for FTC purposes. The dividend was subject to a withholding tax of C$37,000. Assume an exchange rate of C$1 = $1. Cruller reported U.S. taxable income of $2,350,000. Cruller's U.S. tax rate is 34 percent. Compute the tax consequences to Cruller as a result of this dividend.

Taxable income of $3,393,750, a net U.S. tax of $799,000, and a FTC carryover of $99,625

Taxable income of $231,250, a net U.S. tax of $799,000, and a FTC carryover of $255,250

Taxable income of $2,976,250, a net U.S. tax of $471,500, and a FTC carryover of $0

Taxable income of $3,393,750, a net U.S. tax of $699,375, and a FTC carryover of $0