$(10$ points, $2$ point each$)$ Chapter $5.$ SPA Corporation had the following transactions in $2016,$ its second year of operation. Determine its current E&P for $2016.$

Amount

Taxable Income

$$200,000$

Federal Income tax liability paid

$20,000$

Municipal bond interest income

$10,000$

Total meals expenses

$20,000$

Total capital gains

$10,000$

Total capital losses

$20,000$

Dividends received from a $90\%$ owned domestic corporation

$10,000$

Determine SPA's current E&P in $2016$ using the following table. Specifically, adjust each item below from Taxable Income to arrive at current E&P$.$

Amount

Taxable Income

$$200,000$

Federal Income tax liability

a

Municipal bond interest income

b

meals expenses

c

Capital gains$/$losses

d

Dividends received from a $90\%$ owned domestic corporation

e

Current E&P

f

What is a$?$

What is b$?$

What is c$?$

What is d$?$

What is e$?$