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Water Corporation reports $500,000 of taxable income for the current year. The following additional information is available:• For the current year, Water reports an $80,000 long-term capital loss and no capital gains.• Taxable income includes $80,000 of dividends from a 10%-owned domestic corporation.• Water paid fines and penalties of $6,000 that were not deducted in computing taxable income.• In computing this year's taxable income, Water deducted a $20,000 NOL carryoverfrom a prior tax year.• Water claimed a $10,000 U.S. production activities deduction.• Taxable income includes a deduction for $40,000 of depreciation that exceeds the depreciation allowed for E&P purposes.Assume a 34% corporate tax rate. What is Water's current E&P for this year?
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