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Determine caribe current earnings and profits

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Reference no: EM132837419

The Caribe Corporation has $668,000 of taxable income for the current year. In determining this income the accountant listed the following items:

  1. $45,000 in dividends from a 30 percent owned corporation
  2. $40,000 net operating loss carryover from the prior year
  3. $68,000 disallowed loss on a sale to its sole shareholder
  4. $40,000 capital loss in excess of capital gains
  5. $23,000 in excess charitable contributions

Problem 1: Determine Caribe's current earnings and profits.

Reference no: EM132837419

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