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A corporation has taxable income of $450,000, and its financial records reflect the following for the year.
$165,000 Federal income taxes paid .
Net operating loss carryforward deducted currently 105,000
66,000 Fines and penalties
Depreciation deducted on tax return (ADS depreciation would have been $15,000) 60,000
Tax exempt interest income 12,000
The corporation's current E & P is:
1) $321,000
2) $381,000
3) $291,000
4) $156,000
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