Au Sable Corporation reported taxable income of $800,000 in…
Au Sable Corporation reported taxable income of $800,000 in 20X3 and paid federal income taxes of $272,000. Not included in the computation was a disallowed penalty of $25,000 and life insurance proceeds of $100,000. Au Sable is an accrual-basis taxpayer. The corporation’s current E&P for 20X3 would be:
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