Problem 6 Calculate E & P from the following information. Taxable Income 200,000 Federal Income Tax 42,000 Penalties 5,000 Premium paid on life insurance of key emp 6,000 Excess of capital loss over capital gain 8,000 MACRS Depreciation 80,000 Straight line Depreciation(excess of Macrs over St Line) 60,000 Life Insurance proceeds on key employee 160,000 Dividend Received deduction (less than 20% Owned) 40,000