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What the corporation current earnings and profits

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Problem 1: Abbot Corporation reported a net operating loss of $530,000 in 20X3, which the corporation elected to carryforward to 20X4. Included in the computation of the taxable loss was regular depreciation of $230,000 (E&P depreciation is $50,000), first year expensing under SS179 of $63,000, and dividends received deduction of $11,300. The corporation's current earnings and profits for 20X3 would be:

a. ($288,300)
b. ($338,700)
c. ($530,000)
d. ($643,000)

Reference no: EM132698580

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