Determine penguin taxable income and current ep

Reference no: EM13151369

Penguin Corporation (a cash basis, calendar year taxpayer) had the following income and expenses in the current year.

Income from services $400,000
Salaries paid to employees 70,000
Tax-exempt interest income 24,000
Dividends from a corporation in which penguin holds at 12%interest 40,000
Short-term capital loss on the sale of stock 17,000
Estimated Federal income taxes paid 110,000

Penguin purchased seven-year MACRS property in the current year for $80,000. No?179 election was made. The property has a 10-year ADR midpoint life. Determine Penguin's taxable income and current E&P.

Reference no: EM13151369

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