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Beebe Corporation (a calendar year taxpayer) has taxable income of $150,000, and its financial records reflect the following for the year.
Federal income taxes paid $75,000Net operating loss carryforward deducted currently 35,000Gain recognized this year on an installment sale from a prior year 22,000Depreciation deducted on tax return (ADS depreciation would have been $5,000) 20,000Interest income on Iowa state bonds 4,000
Beebe Corporation's current E & P is:
a. $68,000.
b. $77,000.
c. $103,000.
d. $107,000.
e. None of the above.
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