Red Corporation, a calendar year taxpayer, has taxable income of $600,000.

Among its transactions for the year are the following:

Collection of proceeds from insurance policy on life of corporate 

officer (in excess of cash surrender value) .............$10,000

Realized gain (not recognized) on an involuntary conversion .....5,000

Nondeductible fines and penalties ...............35,000

Disregarding any provision for Federal income taxes, Red Corporation's current Eis: (Points : 5) 

a. $565,000.00

b. $575,000.00

c. $580,000.00

d. $650,000