Illini Corporation reported taxable income of $500,000 from operations for this year. During the year, the company made a distribution of an automobile to its sole shareholder, Carly. The auto's fair market value was $30,000, and its adjusted tax basis to Illini was $0. The auto's E&P adjusted tax basis was $15,000. Illini had accumulated E&P of $1,500,000.

b. Compute Illini's current E&P.