Question
27. Door Co.s taxable income was $1,000,000 this year and it paid $340,000 in federal income taxes. Related information for the year follows: $4,000 fines
27. Door Co.s taxable income was $1,000,000 this year and it paid $340,000 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
$30,000 domestic production activities deduction (deducted to compute taxable income)
$50,000 dividend income from a 21%-owned domestic corporation (included in taxable income)
What is Door Co.s current E&P for the current year?
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