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What is X Corporation's earnings and profits based solely on these facts. X Corporation has $90,000 of gross income from sales; $6000 of non-qualified dividends

What is X Corporation's earnings and profits based solely on these facts.

X Corporation has $90,000 of gross income from sales; $6000 of non-qualified dividends (under 26 USC 243(b) received from Y; capital gains of $10,000; tax exempt bond income $10,000; wages of $45,000; depreciation of $10,000; Section 179 depreciation of $5,000; Capital losses of $10,000; 50% Dividend Received Deduction.

A.

$33,000

B.

$26,070

C.

$47.070

D.

$37,070

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