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Rose Corporation (a calendar year taxpayer) has taxable income of $300,000, and its financial records reflect the following for the year. Federal income taxes paid

Rose Corporation (a calendar year taxpayer) has taxable income of $300,000, and its financial records reflect the following for the year.

Federal income taxes paid

$63,000

Deductible net operating loss (NOL) carryforward from prior year (loss recognized previously for E&P)

70,000

Tax gain recognized this year on an installment sale from a prior year (recognized previously for E&P)

44,000

Depreciation deducted on tax return (E&P depreciation would have been $10,000)

40,000

Interest income on Iowa state bonds

8,000

Rose Corporation's current E & P is:

Question options:

$223,000.

$293,000.

$301,000.

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