Reference no: EM132492402
Oak Corporation, a calendar-year taxpayer, has taxable income of $110,000 for the year. In reviewing Oak's financial records, you discover the following occurred this year.
Federal income taxes paid: $25,000
Net operating loss carryforward deducted currently: $25,000
Gain recognized this year on an installment sale from a prior year: $12,000
Depreciation deducted on tax return (ADS depreciation would have been $8,000): $15,000
Interest income from Illinois state bonds: $37,000
Question 1: What Oak Corporation's current E & P is _____.
a. $166,000
b. $142,000
c. $73,000
d. None of the above
e. $138,000
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