Financial records reflect the specific year

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Beige Corporation (a calendar year taxpayer) has taxable income of $150,000, and its financial records reflect the following for the year.

Federal income taxes paid $75,000
Net operating loss carryforward deducted currently 35,000
Gain recognized this year on an installment sale from a prior year 22,000
Depreciation deducted on tax return (ADS depreciation would have been $5,000) 20,000
Interest income on Iowa state bonds 4,000

Beige Corporation's current E & P is:

a. $68,000.

b. $77,000.

c. $103,000.

d. $107,000.

e. None of the above.

Reference no: EM13139871

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