The corporations current earnings and profits for 2013

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Reference no: EM131155017

Oakland Corporation reported a net operating loss of $500,000 in 2013 and elected to carry the loss forward to 2014. 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 an installment sale of $250,000.

The corporation's current earnings and profits for 2013 would be:($260,000)

Reference no: EM131155017

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