Solution-Compute the company current E-P

Compute the company current E-P

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Question - Gator Inc. reported taxable income of $1,300,000 this year and paid federal income taxes of $273,000. Included in the company's computation of taxable income is gain from the sale of a depreciable asset of $54,500. The income tax basis of the asset was $109,000. The E&P basis of the asset using the alternative depreciation system was $188,900. Compute the company's current E&P.

Reference no: EM132605184

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Compute the company current E-P

Reference no: EM132605184

Reference no: EM132605184

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