Penguin Corporation (a cash basis, calendar year taxpayer) recorded the following income and expenses in the current year.
Income from services ....................................................................................................$400,000
Salaries paid to employees ...........................................................................................    70,000
Tax-exempt interest income .........................................................................................    24,000
Dividends from a corporation in which Penguin holds a 12% interest ....................   40,000
Short -term capital loss on the sale of stock ...............................................................    17,000
Estimated Federal income taxes paid ..........................................................................  110,000
Penguin purchased 7-year MACRS property in the current year for $80,000; it did not claim any § 179 or additional first-year depreciation. The property has a 10-year ADR midpoint life. Determine Penguin's taxable income and current E & P.