Door Co.'s taxable income was ($ 1,000,000) this year and it paid ($ 210,000) in federal income

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Door Co.'s taxable income was \(\$ 1,000,000\) this year and it paid \(\$ 210,000\) in federal income taxes. Related information for the year follows: 1. \(\$ 4,000\) fines (not deducted to compute taxable income) 1. \(\$ 7,000\) NOL carryover (deducted to compute taxable income)

ii \(\$ 10,000\) municipal bond interest income an \(\$ 15,000\) net long-term capital loss 1. \(\$ 20,000\) depreciation (deducted to compute taxable income) in excess of \(\mathrm{E} \& \mathrm{P}\) allowance

-1 \(\$ 13,000\) loss on sale of company car to \(60 \%\) shareholder

- \(\$ 50,000\) dividend income from a \(21 \%\)-owned domestic corporation (included in taxable income)

What is Door Co's current E\&P for the year?

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CCH Federal Taxation 2019 Comprehensive Topics

ISBN: 9780808049081

2019 Edition

Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback

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