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What is blues current e and p

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Reference no: EM13343134

-Blue Corporation, a cash basis taxpayer, has taxable income of $700,000 for the current year. Blue elected $80,000 of § 179 expense. It also had a related party loss of $30,000 and a realized (not recognized) gain from an involuntary conversion of $85,000. It paid Federal income tax of $185,000 and a nondeductible fine of $20,000. Blue's current E & P is:

a. $465,000.
b. $529,000.
c. $614,000.
d. $630,000.
e. None of the above.

 

Reference no: EM13343134

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