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A corporation has taxable income of $500,000, federal income taxes of $170,000, a depreciation deduction of $40,000 more on the tax return than would have
A corporation has taxable income of $500,000, federal income taxes of $170,000, a depreciation deduction of $40,000 more on the tax return than would have been deducted under the alternative E & P depreciation method, and 50% non-deductible potion of meals of $10,000. How much is the company's current E & P?
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