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  3. a corporation has taxable income of $450,000, and

A corporation has taxable income of $450,000, and its financial records reflect the following for...

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Accounting

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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