ACCT TAX

The following information is taken from Lynnso Corporation's records for 2018: Gross receipts from operations Dividends received from a 40 percent owned domestic corporation Interest on State of Ohio bonds Life insurance proceeds received due to death of a key employee Cost of goods sold NOL carryover from 2017 MACRS depreciation (straight-line would have been $30,000) on equipment Straight-line depreciation on building Charitable contributions Wages expense Life insurance premiums on key-man insurance $500,000 100,000 30,000 40,000 200,000 13,000 43,000 15,870 45,000 50,000 10,000 1. Determine Lvnnso Corporation's taxable income for 2018. 2. Compute Lynnso Corporation's current E&P for 2018