X Corporation is a cash method, calendar year taxpayer. During the current year, X has the following income and expenses: $20,000 Gross profits from sales. Salaries paid to employees $10,250 $ 3,000 $ 5,000 Tax-exempt interest received.... Dividends received from IBM. .. Depreciation (X purchased 5-year property in the current year for $7,000; assume the property was fully expensed under 168(k) . $ 7,000 $ 2,500 $ 5,000 $ 1,000 LTCG on a sale of stock .... LTCL on a sale of stock LTCL carryover from prior years... Estimated federal income taxes paid.... 800 Determine X's taxable income for the current year and its current earnings and profits. %24