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Bass Corporation (a C Corp), a calendar year taxpayer, has taxable income of $250,000 in 2017. Among its transactions for the year are the following:
Bass Corporation (a C Corp), a calendar year taxpayer, has taxable income of $250,000 in 2017. Among its transactions for the year are the following:
| Federal income tax paid | $75,000 |
| 2017 Sec. 179 election | 50,000 |
| Non-deductible expenses | 10,000 |
| Municipal Bond Income | 3,000 |
What is Bass Corporations current E&P?
| A. | None of the above. | |
| B. | $202,000. | |
| C. | $283,000. | |
| D. | $208,000. | |
| E. | $218,000. |
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