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

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A corporation has taxable income of $450,000, and its financial records reflect the following for the year. - Federal income taxes paid - Net operating loss carryforward deducted currently - Fines and penalties $165,000 105,000 66,000 - 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: a. $291,000. b. $156,000 c. $321,000. d. $381,000

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