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Tern corporation a cash basis taxpayer has taxable income

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Reference no: EM13390476

Tern Corporation, a cash basis taxpayer, has taxable income of $500,000 for the current year. Tern elected $100,000 of § 179 expense. It also had a related party loss of $20,000 and a realized (not recognized) gain from an involuntary conversion of $75,000. It paid Federal income tax of $150,000 and paid a nondeductible fine of $10,000. Tern's current E & P is:

A. $400,000.

B. $410,000.

C. $320,000.

D. $475,000.

E. None of the above.

Reference no: EM13390476

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