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Determine the corporation current earnings and profits

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Question - Oceans 11 Corporation reported taxable income of $500,000 in 20X3 and paid federal income taxes of $170,000. Not included in the computation was a disallowed meals and entertainment expense of $2,000, tax-exempt income of $1,000, and deferred gain on a current year transaction treated as an installment sale of $25,000. Determine the corporation's current earnings and profits for 20X3?

A) $524,000.

B) $500,000.

C) $354,000.

D) $331,000.

Reference no: EM133030219

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