During the tax year, Z Co. had the following items:

Gross income from operations	$90,000
Dividends received	$50,000
Deductible ordinary business expenses	$30,000
Contributions to capital	$10,000
Federal income tax refund	$40,000
Tax-exempt interest income	$25,000
Charitable contributions	$10,000
Accelerated depreciation in excess of straight line	$3,200
Capital losses	$70,000
Capital loss carryovers	$4,800
Federal income taxes paid	$15,000

Z Co.'s current E&P is

$80,000

None of these.

$100,000

$90,000