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ABC Corporation ended its first year of operations with taxable income of $225,000. At the time of ABC Corporation's formation, it incurred $50,000 of organizational expenses. In calculating its taxable income for the year, ABC Corporation claimed an $8,000 deduction for the organizational expenses. What is ABC Corporation's current earnings and profits?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9973507

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