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Lawrence Corporation reports the following results during the current year:Taxable ...

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Lawrence Corporation reports the following results during the current year:Taxable ...

Lawrence Corporation reports the following results during the current year:

Taxable income   $500,000
Federal income taxes   170,000
Dividends paid: June 5   50,000
Accumulated E&P balance: January 1   800,000

No dividends were paid in the throwback period. A long-term capital gain of $50,000 is included in taxable income. The statutory accumulated earnings tax exemption has been used up in prior years. An additional earnings accumulation of $60,000 for the current year can be justified as meeting the reasonable needs of the business. What is Lawrence Corporation's accumulated earnings tax liability?

Textbook

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Edition: 27^th

Authors: Anderson, Pope, Rupert

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