Falcon Corporation ended its first year of operations with taxable income of $250,000. At the time of Falcon's formation, it incurred $50,000 of organizational expenses. In calculating its taxable income for the year, Falcon claimed an $8,000 deduction for the organizational expenses. What is Falcon's current E & P? Ca. 258,000 Ob. $200,000 Oc. $250,000 Od. $200,000 Previous Next All work saved. Submit Test for Grading