Question
ABC Company has the following items of income and expenses on its books: Sales 500,000 Cost of Goods 220,000 Interest income 12,000 Tax exempt interest
ABC Company has the following items of income and expenses on its books:
Sales 500,000
Cost of Goods 220,000
Interest income 12,000
Tax exempt interest 5,000
Capital gains 15,000
Capital losses (22000)
Proceeds from keyman
Life insurance 29,000
Depreciation expense 10,000
(The company wants to take the section 179 expense deduction of $20000 on its tax return instead of the $10000 shown on the books.
Charitable contributions 35,000
At the beginning of the year ABC has E+P of $124,000. How much is E+P at the end of the year?(I already know the taxable income is 244,800)
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