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Boilermaker Incorporated reported taxable income of $910,000 this year and paid federal income taxes of $191,100. Not included in the company's computation of taxable
Boilermaker Incorporated reported taxable income of $910,000 this year and paid federal income taxes of $191,100. Not included in the company's computation of taxable income is tax-exempt income of $40,250, disallowed meals and entertainment expenses of $54,500, and disallowed expenses related to the tax-exempt income of $2,150. Boilermaker deducted depreciation of $114,000 on its tax return. Under the alternative (E&P) depreciation method, the deduction would have been $62,500. Compute the company's current E&P. (Negative amount should be indicated with a minus sign.) Current E&P 69 $ 0
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