Refer to the facts in the preceding problem. How would your answer change if Zenon conducted its foreign operations through a foreign subsidiary that made no shareholder distributions during the current year and had no GILTI or subpart F income?

Data from Prob. 11

Zenon Inc. has the following taxable income.

U.S. source income .................................. $1,900,000
Foreign source income ............................      240,000
Taxable income ........................................ $2,140,000

Zenon paid $33,000 foreign income tax. Compute its U.S. income tax, assuming the foreign source income does not qualify as FDII.