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Business, 13.11.2019 06:31 pmdm95

Manistee corporation reported taxable income of $1,200,000 this year and paid federal income taxes of $408,000. not included in the computation was disallowed entertainment expenses of $25,000, tax-exempt interest of $20,000, and a net capital loss of $50,000 incurred this year. manistee is an accrual basis taxpayer. the corporation’s current earnings and profits this year would be:

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