What the corporation''s current earnings and profits


Au Sable Corporation reported taxable income of $800,000 in 2010 and paid federal income taxes of $272,000. Not included in the computation was a disallowed penalty of $25,000, life insurance proceeds of $100,000, and an income tax refund from 2009 of $50,000. Au Sable is an accrual basis taxpayer. what the corporation's current earnings and profits for 2010 would be ?

Request for Solution File

Ask an Expert for Answer!!
Accounting Basics: What the corporation''s current earnings and profits
Reference No:- TGS088085

Expected delivery within 24 Hours