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Gator Inc. reported taxable income of $800,000 this year and paid federal income taxes of $168,000. Included in the company's computation of taxable income is
Gator Inc. reported taxable income of $800,000 this year and paid federal income taxes of $168,000. Included in the company's computation of taxable income is gain from the sale of a depreciable asset of $66,000. The income tax basis of the asset was $132,000. The E\&P basis of the asset using the alternative depreciation system was $230,200. Compute the company's current E\&P. (Negative amount should be indicated with a minus sign.) Answer is comolete but not entirelv correct
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