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What is water current e&p for the year

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Reference no: EM131802169

Question - The exercise listed below is found on page C:4-29 of Prentice Hall's Federal Taxation 2011. Complete the exercise and submit your work to the instructor.

Water Corporation reports $500,000 of taxable income for the current year. The following additional information is available:

  • For the current year, Water reports an $80,000 long-term capital loss and no capital gains.
  • Taxable income includes $80,000 of dividends from a 10%-owned domestic corporation
  • Water paid fines and penalties of $6,000 that were not deducted in computing taxable income
  • In computing this year's taxable income, Water deducted a $20,000 NOL carryover from a prior tax year.
  • Water claimed a $10,000 U.S. production activities deduction
  • Taxable income includes a deduction for $40,000 of depreciation that exceeds the depreciation allowed for E&P purposes.

Assume a 34% corporate tax rate. What is Water's current E&P for the year?

Reference no: EM131802169

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