At the beginning of 2017, Green Corp. had accumulated E&P of $2,000,000, and at the end of 2017, Green Corp. had a current E&P of $500,000. Only use the numbers and computations below. Do not account for organizational expense deduction, dividend distribution or charitable contribution deduction by Green Corp.

● Gross receipts from merchandise sales: $5,000,000

● Employee salaries: $2,000,000

● COGS: $1,000,000

● Interest income from Hawaii municipal bonds: $12,000

● Bribes to intergalactic police: $300,000

● Advertising/Marketing: $20,000

● Deep space usage fees: $10,000

● Rental income from 2 floors of Office Building: $20,000

● Utilities, telephone, internet & satellite expenses: $50,000

● Federal estimated tax payments: $100,000

● Total qualified meals expenses: $200,000

● Dividend Income from Titan, Inc,: $50,000

● Long-term Capital Losses: $800,000

● Ordinary Income from Sales of §1231 Assets: Your computation

● Sec. 179 Deduction (do NOT include carryback): Your computation

● Long-term Capital Gains from Sales of §1231 assets: Your computation

● DRD: Your computation

● Work Opportunity Credit: Your computation

● Foreign Tax Credit: Your computation

Compute Avenger’s net taxable income for 2018.

56) What is Greens’ accumulated E&P on January 1, 2018?

57) Compute Green’s current E&P as of December 31, 2018

58) What is Green’s accumulated E&P on January 1, 2019?

59) What is Green’s tax owed/refund for the 2018 tax year?

60) What are the names and amounts of the carryforwards and/or carrybacks for Green Corp. that cannot be used in 2018?