Tern corporation a cash basis taxpayer has taxable income

Reference no: EM13577488

Tern Corporation a cash basis taxpayer has taxable income of $500,000 for the current year. Tern elected $100,000 of Section 179 expense. It also had a related party loss of $20,000 and a realized gain from an involuntary conversion of $75,000. It paid Federal income tax of $150,000 and paid a nondeductible fine of $10,000. Tern's current E&P is?

Reference no: EM13577488

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