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13 Newman Corporation reported taxable income of 500,000 in 2020 and paid federal income taxes...

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Accounting

13 Newman Corporation reported taxable income of 500,000 in 2020 and paid federal income taxes of 105,000 net included in the taxable income computation was disallowed entertainment expenses totaling 2,000 tax-exempt income of 1000 and 25,000 of charitable contribution deduction in excess the amount allowed tax purposes for 2020

What is the amount of the corporations current earnings and profits

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