Chapter 18 Graded Homework 15 Laved Part 3 of 5 1.5 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 c (Static) c. Compute Illini's accumulated E&P at the beginning of next year Accumulated E&P at the beginning of next year