Taxable income includes a deduction for 40000 of


Griffin Corporation reports $400,000 of taxable income for the current year. The following additional information is available:

For the current year, Griffin reports an $80,000 long-term capital loss and no capital gains.

Taxable income includes $80,000 of dividends from a 10%-owned domestic corporation.

Griffin paid fines and penalties of $6,000 that were not deducted in computing taxable income.

In computing this year's taxable income, Griffin deducted a $20,000 NOL carryover from a prior tax year.

Griffin claimed a $10,000 U.S. production activities deduction.

Taxable income includes a deduction for $40,000 of depreciation that exceeds the depreciation allowed for E&P purposes.

Assume a 34% corporate tax rate. What is Griffin's current E&P for this year?

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Taxation: Taxable income includes a deduction for 40000 of
Reference No:- TGS0772032

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