Reference no: EM139999
Brown Corporation, an accrual basis corporation, has taxable income of $150,000 in the current year. Included in its determination of taxable income are the following transactions.
• Brown incurred a $65,000 capital loss from the sale of stock. Because Brown had no capital gains this year, none of the loss is deductible.
• The corporation’s Federal income tax liability is $41,750.
• Brown incurred $18,000 in nondeductible meal and entertainment expenses.
• Brown uses the LIFO method when accounting for inventory. This year, the company’s LIFO recapture amount increased by $3,000.
• Brown claimed a domestic production activities deduction under § 199 of $1,500.
What is Brown’s current E & P for the year?
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