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What is cardinal corporation taxable income

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Question - Cardinal Corporation, a calendar year taxpayer, receives dividend income of $250,000 from a corporation in which it holds a 10% interest.  Cardinal also receives interest income of $35,000 from municipal bonds.  (The municipality used the proceeds from the bond issue to construct a library.)  Cardinal borrowed funds to purchase the municipal bonds and pays $20,000 of interest on the loan.  Excluding these three items, Cardinal's taxable income is $500,000.  Cardinal has $150,000 of accumulated E & P at the end of the prior year, and it paid Federal income taxes of $200,000 during the year.

A. What is Cardinal Corporation's taxable income after these three items are taken into account?

B. What is Cardinal Corporation's accumulated E & P at the start of next year?

Reference no: EM131716201

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