Fatima Corporation reported taxable income of $850,000 in 2020 and paid federal income taxes of...
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Fatima Corporation reported taxable income of $850,000 in 2020 and paid federal income taxes of $297,500. Not included in the computation was a disallowed meals and entertainment expense of $3,600, tax-exempt income of $2,600, and deferred gain on a current-year transaction treated as an installment sale of $33,000. The corporation's current E&P for 2020 would be: Multiple Choice $850 000 $880,400 $584.500 $555100
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