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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Solution Summary
This solution shows the exact calculation for Shardee Corporation's current E&P for 2013.
Solution Preview
100,000 + 7,000 + 15,000 + 9,000 = 131,000
Less: 22,250 + 14,000 + ...
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