Question 5.5. (TCOs 1 and 9) Pheasant Corporation ended its first year of operations with taxable income of $225,000. At the time of Pheasant's formation, it incurred $50,000 of organizational expenses. In calculating its taxable income for the year, Pheasant claimed an $8,000 deduction for the organizational expenses. What is Pheasant's current E & P? (Points : 5) $175,000 $183,000 $225,000 $233,000 None of the above