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Owl Corporation, a calendar year taxpayer, has a beginning balance in accumulated E & P of $3.5 million and current earnings of $1 million. If
Owl Corporation, a calendar year taxpayer, has a beginning balance in accumulated E & P of $3.5 million and current earnings of $1 million. If Own can justify accumulations for the needs of the business of $3.7 million, its accumulated earnings credit for ATI purposes is: a. $0 b. $200,000 c. $250,000 d. $3.7 million e. None of the above
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