Chapter 18 Graded Homework 14 Saved 2 Part 2 of 5 points eBook Required information Problem 18-47 (LO 18-2) (Static) [The following information applies to the questions displayed below.] Illini Corporation reported taxable income of $500,000 from operations for this year. The company paid federal income taxes of $111,300 on this taxable income. During the year, the company made a distribution of an automobile to its sole shareholder, Carly Urbana. The auto's fair market value was $30,000, and its adjusted tax basis to Illini was $0. The auto's E&P adjusted tax basis was $15,000. Illini had accumulated E&P of $1,500,000. Print References Problem 18-47 Part b (Static) b. Compute Illini's current E&P Current E&P