Door Co.'s taxable income was $1,000,000 this year and it paid $210,000 in federal income taxes. Related
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Door Co.'s taxable income was $1,000,000 this year and it paid $210,000 in federal income taxes. Related information for the year follows:
∎ $4,000 fines (not deducted to compute taxable income)
∎ $7,000 NOL carryover (deducted to compute taxable income)
∎ $10,000 municipal bond interest income ∎ $15,000 net long-term capital loss ∎ $20,000 depreciation (deducted to compute taxable income) in excess of E&P allowance ∎ $13,000 loss on sale of company car to 60% shareholder ∎ $50,000 dividend income from a 21%-owned domestic corporation (included in taxable income)
What is Door Co's current E&P for the year?
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Related Book For
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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