What is the amount of accumulated earnings

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Question: Allgood Textiles, Inc. started the years with $200,000 in accumulated earnings and profit. During the year, it earned $75,000 from its business operations, received a $2,000 federal income tax refund, received a $10,000 contribution to capital from its shareholders, paid $13,750 in federal income taxes, and could not deduct $1,000 of its meal expenses. What is the amount of its accumulated earnings and profits at the end of the 2016 tax year? Please cite the IRS Tax Code.

Reference no: EM131752451

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