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    E & P Calculation for 2013

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    Please help with the following problem. I did the computation, but I am unsure if I did it correctly. My answer is $86,750.

    Given the following information for 2012, compute Shardee Corporation's current E & P for 2013.

    Taxable Income: $100,000
    Federal Income taxes: $22,250
    Other information (items from 2013):
    Tax-exempt interest: $7,000
    Realized gain on like-kind exchange: $35,000
    Accelerated depreciation (straight-line would have been $45,000): $60,000
    Net short-term capital loss: $14,000
    NOL carryover: $9,000
    Code Sec. 267 loss (related taxpayers): $8,000

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    https://brainmass.com/business/accounting/calculation-2013-504377

    Solution Preview

    100,000 + 7,000 + 15,000 + 9,000 = 131,000

    Less: 22,250 + 14,000 + ...

    Solution Summary

    This solution shows the exact calculation for Shardee Corporation's current E&P for 2013.

    $2.19

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