Grand River Corporation reported taxable income of $400,000 in
20X3 and paid federal income taxes of $136,000. Not included in the
computation was a disallowed meals and entertainment expense of
$2,700, tax-exempt income of $1,700, and deferred gain on a current
year transaction treated as an installment sale of $28,500. The
corporation's current earnings and profits for 20X3 would be:
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