Rose Corporation (a calendar year taxpayer) has taxable income of $300,000, and its financial records reflect the following for the year.
Federal income taxes paid$110,000
Net operating loss carryforward deducted currently70,000
Gain recognized this year on an installment sale from a prior year44,000
Depreciation deducted on tax return (ADS depreciation would have been $10,000)40,000
Interest income on Iowa state bonds8,000
?
Rose Corporation's current E & P is:
A. $254,000.
B. $214,000.
C. $194,000.
D. $104,000.
E. None of these.
Answer: A
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