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5. (TCOs 1 and 9) Blue Corporation, a cash basis taxpayer, has taxable income of...

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Accounting

5. (TCOs 1 and 9) Blue Corporation, a cash basis taxpayer, has taxable income of $700,000 for the current year. Blue elected $80,000 of 179 expense. It also had a related party loss of $30,000 and a realized (not recognized) gain from an involuntary conversion of $85,000. It paid Federal income tax of $185,000 and a nondeductible fine of $20,000. What is Blue's current E & P? (Points : 5) $465,000 $529,000 $614,000 $630,000 None of the above

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