Sparrow Corporation (A Calendar year, accrual basis taxpayer) had the following transactions in 2015, its 2nd year of operation.
Taxable Income								$ 330,000.00
Federal income tax liability paid								$ 112,000.00
Tax-exempt interest income								$ 5,000.00
Meals and Entertainment expenses (total)								$ 3,000.00
Premiums paid on key employee life insurance								$ 3,500.00
Increase in Cash surrender value attributable to life insurance premiums.								$ 700.00
Proceeds from key employee life insurance policy at distribution								$ 130,000.00
Cash surrender value of life insurance policy at distribution								$ 20,000.00
Excess of Capital losses over capital gains								$ 13,000.00
MACRS deduction								$ 26,000.00
Straight-line depreciation using ADS lives								$ 16,000.00
Section 179 expense elected during 2014								$ 25,000.00
Dividends received from domestic coroporation (less than 20% owned)								$ 25,000.00
Sparrow uses the LIFO inventory method, and its LIFO recapture amount increased by $10,000 during 2015. In addition, Sparrow sold
property on installment during 2014. The property was sold for $40,000 and had an adjusted basis at sale of $32,000. During 2015,
Sparrow received a $15,000 payment on the installment sale . Finally, assume that no additional first year depreciation was claimed. Compute
Sparrows current E&P.