Axelrod Corporation $($a calendar year taxpayer$)$ has taxable income of $$160,000,$ and its financial records reflect the following for the year.

Federal income taxes paid

Net operating loss deduction in current year

Current year Gain on an installment sale from a prior year

Depreciation deducted on tax return $($ADS depreciation would have been $$10,000)$

$$65,000$

$45,000$

$32,000$

$40,000$

Interest income on Florida state bonds

$14,000$

Axelrod Corporation's current E & P is: