Che Lanco Corporation, an accrual-method corporation, reported taxable income of $2.230000 this year. Included in the computation of taxable income were the following items - MACRS depreciation of $289.500 Straight line depreciation would have been $198.000 - Anet capital loss carryover of $16100 from last year - Anet operating loss carryover of 532.500 from last year, $75,000 capital gain from the distribution of mid to the company's sole shareholder (see below Not included in the computation of taxable income were the following items - Tax-exempt income of $7500 . Life insurance proceeds of $330,000 . Excess current year charitable contribution of $2.700 fto be carried over to next year) - Tax.deferred gain of $20,000 on a like kind exchange + Federal income tax refund from last year of $35,800. - Nondeductible life insurance premium of $4,500 - Nondeductible interest expense of $3,600 on a loan used to buy tax exempt bonds Lanco's accumulated F&P at the beginning of the year was $2.840,000. During the year, Lanco made the following distributions to its sole shareholder Luigi Lug) Nutt - June 30 $65000 . September 30 Parcel of land with a fair market value of $88,500 Lanco's tax basis in the land was $13.500 Lug assumed an vietines muranon that 99 earch Che Lanco Corporation, an accrual-method corporation, reported taxable income of $2.230000 this year. Included in the computation of taxable income were the following items - MACRS depreciation of $289.500 Straight line depreciation would have been $198.000 - Anet capital loss carryover of $16100 from last year - Anet operating loss carryover of 532.500 from last year, $75,000 capital gain from the distribution of mid to the company's sole shareholder (see below Not included in the computation of taxable income were the following items - Tax-exempt income of $7500 . Life insurance proceeds of $330,000 . Excess current year charitable contribution of $2.700 fto be carried over to next year) - Tax.deferred gain of $20,000 on a like kind exchange + Federal income tax refund from last year of $35,800. - Nondeductible life insurance premium of $4,500 - Nondeductible interest expense of $3,600 on a loan used to buy tax exempt bonds Lanco's accumulated F&P at the beginning of the year was $2.840,000. During the year, Lanco made the following distributions to its sole shareholder Luigi Lug) Nutt - June 30 $65000 . September 30 Parcel of land with a fair market value of $88,500 Lanco's tax basis in the land was $13.500 Lug assumed an vietines muranon that 99 earch