Madison corporation reported taxable income of 400000 in

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Madison Corporation reported taxable income of $400,000 in 20X3 and accrued federal income taxes of $136,000. Included in the computation was regular depreciation of $200,000 , first year expensing under §179 of $100,000, and a net capital loss carryover of $20,000 from 20X2. The corporation's current earnings and profits for 20X3 would be: $504,000 $484,000 $460,000 $424,000.

Reference no: EM13570123

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