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Mashcka [7]
3 years ago
13

Abbot Corporation reported a net operating loss of $400,000 in 20X3, which the corporation elected to carry forward to 20X4. Inc

luded in the computation of the taxable loss was regular depreciation of $100,000 (E&P depreciation is $40,000), first-year expensing under §179 of $50,000, and a dividends received deduction of $10,000.
The corporation's current E&P for 20X3 would be:

A. ($290,000)B. ($330,000)C. ($400,000)D. ($490,000)
Business
1 answer:
castortr0y [4]3 years ago
7 0

Answer:

Option A is correct one.

$290,000

Explanation:

= ($ 400,000)-$60,000-$ 40,000- $ 10,000

= $290,000

The first year expenses Under section 179 must be captilize and amortize in 5 year ($10,000 per year)

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