Sparrow Corporation (a calendar year, accrual basis taxpayer) had the following transactions in 2020, its second year of operation:

Taxable income	$330,000
Federal income tax liability paid	69,300
Tax-exempt interest income	5,000
Meals expense (total)	3,000
Premiums paid on key employee life insurance	3,500
Increase in cash surrender value attributable to life insurance premiums	700
Proceeds from key employee life insurance policy	130,000
Cash surrender value of life insurance policy at distribution	20,000
Excess of capital losses over capital gains	13,000
MACRS deduction	26,000
Straight-line depreciation using ADS lives	16,000
Section 179 expense elected during 2018	25,000
Dividends received from domestic corporations (less than 20% owned)	35,000

Sparrow uses the LIFO inventory method, and its LIFO recapture amount increased by $10,000 during 2020. In addition, Sparrow sold property on installment during 2019. The property was sold for $40,000 and had an adjusted basis at sale of $32,000. During 2020, 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.