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Disregarding any provision for federal income taxes

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Reference no: EM13343137

-Platinum Corporation, a calendar year taxpayer, has taxable income of $500,000. Among its transactions for the year are the following:

Collection of proceeds from insurance policy on life of corporate

 

  officer (in excess of cash surrender value)

$75,000

Realized gain (not recognized) on an involuntary conversion

10,000

Nondeductible fines and penalties

40,000

 

 


Disregarding any provision for Federal income taxes, Platinum Corporation's current E & P is:

a. $455,000.
b. $535,000.
c. $545,000.
d. $625,000.
e. None of the above.

 

Reference no: EM13343137

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