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A corporation has taxable income of $450,000, and its financial records reflect the following for the year. $165,000 Federal income taxes paid . Net operating

A corporation has taxable income of $450,000, and its financial records reflect the following for the year.

$165,000 Federal income taxes paid .

Net operating loss carryforward deducted currently 105,000

66,000 Fines and penalties

Depreciation deducted on tax return (ADS depreciation would have been $15,000) 60,000

Tax exempt interest income 12,000

The corporation's current E & P is:

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