USAco, a domestic corporation, owns 100% of FORco, a country F corporation. In its first year of operations, FORco earns $100,000 of income, pays $30,000 of country F income taxes, and distributes a dividend of $70,000 to USAco. If USAco elects to take a foreign tax credit for the deemed FORco taxes paid, USAco will report income of:

(a) $100,000.

(b) $60,000.

(c) $40,000.

(d) $0.