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Please show step by step and formulas used, thank you! Problem 6 Calculate E & P from the following information TaxableIncomeFederalIncomeTaxDisallowedportionofmealsPenaltiesPremiumpaidonlifeinsuranceofkeyempExcessofcapitallossovercapitalgainMACRSDepreciationStraightlineDepreciation(excessofMacrsoverStLine)LifeInsuranceproceedsonkeyemployeeDividendReceiveddeduction(lessthan20%Owned)100,00021,0002006,0001,0006,00060,00040,000150,00060,000

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Please show step by step and formulas used, thank you!

Problem 6 Calculate E \& P from the following information TaxableIncomeFederalIncomeTaxDisallowedportionofmealsPenaltiesPremiumpaidonlifeinsuranceofkeyempExcessofcapitallossovercapitalgainMACRSDepreciationStraightlineDepreciation(excessofMacrsoverStLine)LifeInsuranceproceedsonkeyemployeeDividendReceiveddeduction(lessthan20%Owned)100,00021,0002006,0001,0006,00060,00040,000150,00060,000

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