Madison Corporation reported taxable income of $400,000 in year 2 and accrued federal income taxes of $84,000. Included in the year 2 taxable income computation were regular depreciation of $200,000 (E&P depreciation is $60,000), first-year expensing under $179 of $100,000, and a net capital loss carryover of $20,000 from year 1. The corporation's current earnings and profits for year 2 would be: Multiple Choice $556,000. $536,000. $640,000. $476,000.