What is X Corporation's earnings and profits based solely on these facts. X Corporation has $90,000 of
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What is X Corporation's earnings and profits based solely on these facts.
X Corporation has $90,000 of gross income from sales; $6000 of non-qualified dividends (under 26 USC 243(b) received from Y; capital gains of $10,000; tax exempt bond income $10,000; wages of $45,000; depreciation of $10,000; Section 179 depreciation of $5,000; Capital losses of $10,000; 50% Dividend Received Deduction.
| A. | $33,000 | |
| B. | $26,070 | |
| C. | $47.070 | |
| D. | $37,070 |
Expert Answer:
The correct option is A 33000 Calculation of X corporations earning and profits ... View the full answer
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