28. The following information is taken from Lynnso Corporations records for 2014:

Gross receipts from operations. $500,000

Dividends received from a 40 percent owned domestic corporation. 100,000

Interest on State of Ohio bonds. 30,000

Life insurance proceeds received due to death of a key employee40,000

Cost of goods sold200,000

NOL carryover from 2013 13,000

MACRS depreciation (straight-line would have been $30,000) on equipment. 43,000

Straight-line depreciation on building. 15,870

Charitable contributions. 45,000

Wages expense. 50,000

Life insurance premiums on key-man insurance. 10,000

a. Determine Lynnso Corporations taxable income for 2014.

b. Compute Lynnso Corporations current E&P for 2014.