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Mathematics, 27.07.2019 06:10 chant9

brown corporation, an accrual basis corporation, has taxable income of $150,000 in the current year. included in its determination of taxable income are the following transactions.¡brown incurred a $65,000 capital loss from the sale of stock. because brown had no capital gains this year, none of the loss is deductible.
·the corporation’s federal income tax liability is $41,750.
¡brown incurred $18,000 in nondeductible meal and entertainment expenses.
·brown uses the lifo method when accounting for inventory. this year, the company’s lifo recapture amount increased by $3,000.
¡brown claimed a domestic production activities deduction under § 199 of $1,500.
what is brown’s current e & p for the year

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brown corporation, an accrual basis corporation, has taxable income of $150,000 in the current year....
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