The following corporation has the following, you will compute the current year E&P:

Accumulated E&P deficit of ($500,000)

Current year taxable income: $60,000

NOL Use against taxable income $150,000

Federal tax expense (paid) $30,000

Capital loss carryforward use $20,000

Charitable contributions $15,000

Non-Deductible meals and entertainment $30,000

Distributions made in current year to shareholders $60,000