Flowswell Corporation reports $700,000 of taxable income for the current year. The following additional information is available: Click the icon to view the additional information) Assume a 21% corporate tax rate. Requirement What is Flowswells current E&P for this year? (If an input field is not used, leave the input field(s) empty. Do not select a label or enter a zero.) 700000 Taxable income Plus: Long-term capital loss Minus Current earnings and profits More Info . For the current year, Flowswell reports a $60,000 long-term capital loss and no capital gains Taxable income includes $70,000 of dividends from a 10%-owned domestic corporation Flowswell paid fines and penalties of $2,500 that were not deducted in computing taxable income In computing this year's taxable income, Flowswell deducted a $55,000 NOL carryover from a prior tax year Taxable income includes a deduction for $80,000 of depreciation that exceeds the depreciation allowed for E&P purposes Print Done Done