Calculate E & P from the following information Taxable income Federal Income Tax Tax Exempt Interest Income Disallowed portion of meals Penalties Premium paid on life insurance of key emp Excess of capital loss over capital gain MACRS Depreciation Straight line Depreciation Life Insurance proceeds on key employee Dividend Received deduction (less than 20% Owned) 400,000 84,000 22,000 5,000 6,000 6,000 8,000 80,000 60,000 150,000 40,000 a Calculate E & P from the following information Taxable income Federal Income Tax Tax Exempt Interest Income Disallowed portion of meals Penalties Premium paid on life insurance of key emp Excess of capital loss over capital gain MACRS Depreciation Straight line Depreciation Life Insurance proceeds on key employee Dividend Received deduction (less than 20% Owned) Answer Taxable income Less Federal Income tax Add Tax Exempt Income Disallowed portion of meals Penalties Premium paid on life insurance of key emp Excess of capital loss over capital gain Excess of MACRS Over St line Life Insurance proceeds on key employee Dividend Received deduction (less than 20% Owned) E & P 400,000 84,000 22,000 5,000 6,000 6,000 8,000 80,000 60,000 150,000 40,000 400,000 -84,000 22,000 -5,000 -6,000 -6,000 -8,000 20,000 150,000 20,000 503,000