Sparrow Corporation (a calendar year, accrual basis taxpayer) had the following transactions in 2021, its second year of operation: Transactions Cost

Taxable income:$330,000

Federal income tax liability paid:$69,300

Tax-exempt interest income:$5,000

Meals expense provided by a restaurant (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 capitol losses over capital gains:$13,000

MACRS deduction:$26,000 Straight-line depreciation using ADS lives:$16,000

Section 179 expense elected during 2020:$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 2021. In addition, Sparrow sold property on installment during 2020. The property was sold for $40,000 and had an adjusted basis at sale of $32,000. During 2021, Sparrow received a $15,000 payment on the installment sale. Finally, assume that no additional first-year depreciation was claimed. Compute Sparrow's current E & P.