During the current year, Jackson, a U.S. corporation and accrual method taxpayer, engages in both U.S. and foreign business activities. All its overseas activities are conducted by a branch in Country S. The results of Jackson's current year operations are as follows:

U.S. source taxable income ......................... $2,000,000

Foreign source taxable income ...................... 1,500,000

Accrued Country S income taxes ..................... 600,000

a. What is the amount of Jackson's foreign tax credit (assuming the corporate tax rate is 34% and income from all foreign activities fall into a single basket)?

b. Are any foreign tax credit carry-backs or carryovers available? If so, in what years can they be used?