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Sheena Maskell Sheena Maskell
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7 years ago
Greg Corporation, an accrual method taxpayer, had accumulated earnings and profits of $300,000 as of December 31, last year. For its current tax year, Greg's books and records reflect the following:

Taxable income per return   $160,000
Tax-exempt interest received   2,500
Federal income taxes   32,000
Excess capital losses not deductible in current year   4,000
Contributions in excess of limitation   2,000

Based on the above, what is the amount of Greg Corporation's current earnings and profits for this year?
A) $120,500
B) $122,000
C) $124,500
D) $129,500
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
Authors:
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Yoko900Yoko900
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Sheena M. Author
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7 years ago
Really helped
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