Abbot Corporation reported a net operating loss of $470,000 in 20X3, which the corporation elected to carryforward to 20X4. Included in the computation of the taxable loss was regular depreciation of $170,000 (E&P depreciation is $75,000), first year expensing under 179 of $57,000, and a dividends received deduction of $10,700. The corporation's current earnings and profits for 20X3 would be:

Multiple Choice

• ($318,700).

• ($364,300).

• ($470,000).

• ($602,000).