Bluestone Corporation, a calendar year taxpayer, has taxable income of $75,000 for the year. Among its transactions for the year are the following:

Federal income tax $ 13,750 Proceeds from key employee life insurance (cash surrender value of the policy is $20,000) 100,000

Excess charitable contribution (not deductible because of 10% limitation) 1,000

Excess capital loss 3,000

Bluestone's Corporation's current E & P for the year is