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Business, 02.07.2020 01:01 rolo7105

Au Sable Corporation reported taxable income of $760,000 in year 2 and paid federal income taxes of $176,500. Not included in the computation was a disallowed penalty of $42,000, and life insurance proceeds of $185,000. Included in the computation of taxable income is a deduction for the bargain element of exercised nonqualified stock options of $67,000. The corporation's current earnings and profits for year 2 would be:

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Au Sable Corporation reported taxable income of $760,000 in year 2 and paid federal income taxes of...
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