1 Problem 18-43 (LO 18-2) (Algo) Return to question Gator Incorporated reported taxable income of $1,800,000 this year and paid federal income taxes of $378,000. Included in the company's computation of taxable income is gain from the sale of a depreciable asset of $56,500. The income tax basis of the asset was $113,000. The E&P basis of the asset using the alternative depreciation system was $196.100. Compute the company's current E&P. (Negative amount should be indicated with a minus sign.) Answer is complete but not entirely correct. Taxable income Federal income taxes E&P loss from sale of asset Regular tax gain from sale of asset Current E&P $1,800,000 e 378,000 (1,660,400) 56,500 $ 574,100