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Corporation ended its first year of operations withtaxable income of $225,000. At the time of Pheasant'sformation, it incurred $50,000 of organizational expenses. Incalculating its taxable income for the year, Pheasant claimed an$8,000 deduction for the organizational expenses. What is Pheasant's current E & P?

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Accounting Basics, Accounting

Category:- Accounting Basics
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