Red Corporation, a calendar year taxpayer, has taxable income of $600,000. Among its transactions for the year are the following: Collection of proceeds from insurance policy on life of corporate officer (in excess of cash surrender value) $10,000 Realized gain (not recognized) on an involuntary conversion 5,000 Nondeductible fines and penalties 35,000 Disregarding any provision for Federal income taxes, Red Corporations current E & P is: a. $565,000. b. $575,000. c. $580,000. d. $650,000. e. None of the above