QUESTION 16 During the tax year, X Co. had the following items Gross income from operations $80,000 Dividends received $70,000 Deductible ordinary business expenses $40,000 Contributions to capital $10,000 Federal income tax refund $15,000 Tax-exempt interest income $15,000 Accelerated depreciation in excess of straight line $2.500 Capital losses $85,000 Capital loss carryovers $7,500 Federal income taxes paid $5,000 X Co's current E & P is: o 1, $45,000 2 $50.000 3. $52.500 4. None of these. QUESTION 16 During the tax year, X Co. had the following items Gross income from operations $80,000 Dividends received $70,000 Deductible ordinary business expenses $40,000 Contributions to capital $10,000 Federal income tax refund $15,000 Tax-exempt interest income $15,000 Accelerated depreciation in excess of straight line $2.500 Capital losses $85,000 Capital loss carryovers $7,500 Federal income taxes paid $5,000 X Co's current E & P is: o 1, $45,000 2 $50.000 3. $52.500 4. None of these