TB MC Qu$.18-36($Static$)$ Oakland Corporation reported a net operating...

Oakland Corporation reported a net operating loss of $$500,000$ in $203$ and elected to carry the loss forward to $20$X$4.$ Not included in the computation

was a disallowed meals and entertainment expense of $$20,000,$ tax$-$exempt income of $$10,000,$ and deferred gain on a current$-$year transaction treated as

an installment sale of $$250,000.$ The corporation's current E&P for $20$X$3$ would be:

Multiple Choice

$($$$500,000).$

$($$$720,000).$

$($$$510,000).$

$($$$260,000).$