Harley Gym Inc. is a C corporation that has the following activity in the current year.

a. what is taxable income, what is current E&P

Gross receipts	$700,000
Dividends received on stock in Spanx Corp. (Harley owns 5% of Spanx stock) for GAAP Harley reports the dividends as income	12,000
Tax exempt interest received	2,000
Long term capital gain	6,000
Long term capital loss	(10,000)
Other expenses (no book/tax difference)	(202,000)
Federal income taxes per books (also, estimated payments made)	(162,000)
Depreciation per books	(6,000)
Depreciation for tax purposes	(11,000)
Depreciation for E&P purposes	(8,000)
NOL carryover from a prior year	(15,000)