Madison corporation reported taxable income of 400000 in, Ask an Expert

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Madison Corporation reported taxable income of $400,000 in 20X3 and accrued federal income taxes of $136,000. Included in the computation was regular depreciation of $200,000 (E&P depreciation is $60,000), first year expensing under §179 of $100,000, and a net capital loss carryover of $20,000 from 20X2. The corporation's current earnings and profits for 20X3 would be ??

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M951428

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