X corporation in $2019$ had taxable income of $$100,000.$ It paid $$10,000$ in federal income taxes. It also sold an asset with a tax basis of $$10,000$ and a FMV of $$50,000$ on a $4$ year installment arrangement. This resulted in $$10,000$ of taxable gain for the year. X corporation also received a dividend of $$100,000$ from Z corporation $($a $15\%$ owned entity$)$ in the year $2019.$ X corporation's current E&P is $$140,000.$

True

False