XYZ Corp. operates in several countries and is subject to different tax rates in each country. For the current year, XYZ Corp. had the following income and expenses in each country:

• Country A: Income of $10 million and expenses of $6 million. Tax rate is 30%.
• Country B: Income of $5 million and expenses of $4 million. Tax rate is 25%.
• Country C: Income of $2 million and expenses of $1.5 million. Tax rate is 20%.

In addition, XYZ Corp. had $1 million in interest income and $500,000 in interest expense in the current year, and it has a net operating loss carryover of $2 million from a previous year. Calculate XYZ Corp.'s taxable income and its income tax liability for the current year.

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