LO.4, 5 Partin, Inc., a foreign subsidiary of Jones, Inc., a U.S. corporation, has pretax income of 200,000 euros for 2012. Partin accrues 60,000 euros in foreign taxes on this income. The average exchange rate for the tax year to which the taxes relate is 1.35 €$1.

None of the income is Subpart F income. If the net earnings of 140,000 euros are distributed when the exchange rate is 1.25 €$1, what are the deemed-paid taxes available to Jones? Assume that 2012 is Partin’s first year of operation.