Allowable accumulated earnings credit

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Tan corporation, a publishing company, had accumulated earnings and profits of $155,000 at the end of last year. During the current year the company had current earning and profits of $120,000 and paid cash dividends of $25,000 at the beginning of Septementy. You determine that $104,000 of the current and accumulated earnings and profits for the year is required for the reasonable needs of the business. The allowable accumulated earnings credit for the year is?

Reference no: EM13142673

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