Reference no: EM13821989
Francis Corporation had taxable income of $260,000 for its initial taxable year. A review of company records revealed the following information:
1. The current-year tax depreciation expense on furniture and fixtures, the only asset owned by Francis Corporation, was $10,000. If Francis had used the alternative depreciation system (straight-line method), depreciation expense deducted would have been $5,000.
2. Francis had tax-exempt interest income of $22,000 that has not been included in taxable income.
3. Francis paid dividends of $16,000 that were not deducted.
4. Francis had $20,000 of returns and allowances that were deducted on the return.
5. Francis reported a $20,000 gain on an instalment sale of a non inventory item. The total gain on the sale was $100,000.
Earnings and profits for Francis Corporation at the close of the current year were
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