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Business, 02.07.2020 02:01 LuxTheGirl2543

Grand River Corporation reported taxable income of $600,000 in year 1 and paid federal income taxes of $155,000. Not included in the computation was a disallowed meals expense of $3,000, tax-exempt income of $2,000, and deferred gain on an installment sale of $35,000. The corporation's current earnings and profits for year 1 would be:

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Grand River Corporation reported taxable income of $600,000 in year 1 and paid federal income taxes...

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