USAco, a domestic corporation, operates a Canadian branch that loses a total of $100,000 during its first three years of operations. At the start of its fourth year, USAco incorporates the branch as a Canadian corporation, CANco. During that fourth year, CANco earns $150,000, but does not distribute a dividend. On USAco's income tax return for its fourth year, USAco must report income from its Canadian operations of :

(a) 0

(b) $100,000

(c) $150,000

(d) $250,000