Business, 26.09.2019 23:00, yessijessiHaley

Madison corporation reported taxable income of $400,000 in 20 x 3 and accrued federal income taxes of $136,000. included in the computation of taxable income was regular depreciation of $200,000 (e& p depreciation is $60,000) and a net capital loss carryover of $20,000 from 20x2 utilized in 20x3. the corporation's current earnings and profits for 20x3 would be:
a. $424,000b. $404,000c. $380,000d. $344,000

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Madison corporation reported taxable income of $400,000 in 20 x 3 and accrued federal income taxes o...