Au sable corporation reported taxable income of 800000 in, Ask an Expert

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Au Sable Corporation reported taxable income of $800,000 in 2010 and paid federal income taxes of $272,000. Not included in the computation was a disallowed penalty of $25,000, life insurance proceeds of $100,000, and an income tax refund from 2009 of $50,000. Au Sable is an accrual basis taxpayer. what the corporation's current earnings and profits for 2010 would be ?

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Category:- Accounting Basics
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