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Abbot Corporation reported a net operating loss of $480,000 in 20X3, which the corporation elected to carryforward to 20X4. Included in the computation of the

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Abbot Corporation reported a net operating loss of $480,000 in 20X3, which the corporation elected to carryforward to 20X4. Included in the computation of the taxable loss was regular depreciation of $180,000 (E&P depreciation is $80,000), first year expensing under $179 of $58,000, and a dividends received deduction of $10,800. The corporation's current earnings and profits for 20x3 would be: 08 Multiple Choice ($322,800). ($369,200) ($480,000) ($618,000). Prou

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