Question
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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