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Business, 05.10.2019 01:10 pum9roseslump

Silver corporation, a calendar year taxpayer, has taxable income of $550,000. among its transactions for the year are the following: collection of proceeds from insurance policy on life of corporate officer (in excess of cash surrender value) $82,500 realized gain (not recognized) on an involuntary conversion 11,000 nondeductible fines and penalties 44,000 disregarding any provision for federal income taxes, silver corporation’s current e & p is:
a. $500,500
b. $588,500
c. $599,500
d. $687,500
e. none of the above.

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Silver corporation, a calendar year taxpayer, has taxable income of $550,000. among its transactions...
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