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Compute the company current E&P

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Problem - Boilermaker Inc. reported taxable income of $960,000 this year and paid federal income taxes of $201,600. Not included in the company's computation of taxable income is tax-exempt income of $28,750, disallowed meals and entertainment expenses of $44,500, and disallowed expenses related to the tax-exempt income of $3,700. Boilermaker deducted depreciation of $165,000 on its tax return. Under the alternative (E&P) depreciation method, the deduction would have been $79,750. Compute the company's current E&P.

Reference no: EM132462637

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