Federal income taxes paid $75,000 Net operating loss carry forward deducted curr
ID: 2421119 • Letter: F
Question
Federal income taxes paid
$75,000
Net operating loss carry forward deducted currently
$35,000
Gain recognized this year on an installment sale from a prior year
$22,000
Depreciation deducted on tax return (ADS depreciation would have been $5,000)
$20,000
Interest income on Iowa state bonds
$4,000
$68,000
$77,000
$103,000
$107,000
None of the above
Federal income taxes paid
$75,000
Net operating loss carry forward deducted currently
$35,000
Gain recognized this year on an installment sale from a prior year
$22,000
Depreciation deducted on tax return (ADS depreciation would have been $5,000)
$20,000
Interest income on Iowa state bonds
$4,000
What is Beige Corporation's current E & P?
Explanation / Answer
the answer would be $ 107,000
Taxable Income $150,000
ADD a) Net operating loss carry forward deducted currently $35,000
b) Depreciation deducted on tax return $20,000
c) Interest income on Iowa state bonds $4,000
---------- $ 59,000
Less a) federal Income tax paid $75,000
b) ADS depreciation would have been $5,000
c) Gain recognized this year on an installment
sale from a prior year $22,000
--------------- $102000
---------------
current E&P $107000
----------------
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