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Grand River Corporation reported taxable income of $500,000 in 20X3 and paid federal income taxes of $170,000. Not included in the computation was a disallowed meals and entertainment expense of $2,000, tax exempt income of $1,000, and deferred gain on an installment sale of $25,000. What would be the corporation's current earnings and profits for 20X3.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9796389

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