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ILS LWO III 23. Mr. Wilson incorporated his bookstore, Occult Books Unlimited, five years ago. Accumulated earnings are $230,000, current earnings are $80,000, and he

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ILS LWO III 23. Mr. Wilson incorporated his bookstore, Occult Books Unlimited, five years ago. Accumulated earnings are $230,000, current earnings are $80,000, and he can show a need for $150,000 of inventory. What is the amount of accumulated taxable income? If the tax is paid, what are the accumulated earnings at the end of the current year

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