Sparrow Corporation (a calendar year, accrual basis taxpayer) had the following transactions in 2013, its second year of operation.

Taxable income ............................................................................... $330,000

Federal income tax liability paid ............................................................ 112,000

Tax-exempt interest income ..................................................................... 5,000

Meals and entertainment expenses (total) ..................................................... 3,000

Premiums paid on key employee life insurance ............................................. 3,500

Increase in cash surrender value attributable to life insurance premiums .................. 700

Proceeds from key employee life insurance policy ....................................... 130,000

Cash surrender value of life insurance policy at distribution ............................. 20,000

Excess of capital losses over capital gains .................................................. 13,000

MACRS deduction ............................................................................ 26,000

Straight-line depreciation using ADS lives ................................................. 16,000

Section 179 expense elected during 2012 ................................................. 100,000

Dividends received from domestic corporations (less than 20% owned) ............... 25,000

Sparrow uses the LIFO inventory method, and its LIFO recapture amount increased by $10,000 during 2013. In addition, Sparrow sold property on installment during 2012. The property was sold for $40,000 and had an adjusted basis at sale of $32,000. During 2013, Sparrow received a $15,000 payment on the installment sale. Finally, assume that no additional first-year depreciation was claimed. Compute Sparrow's current E & P.