Question

1. During 20X3, X co. reported the following items: Gross income from operations $2,000,000 Dividends received from Z co. (39% owned by X co.) 200,000 Dividends received deduction <160,000> Ordinary business expenses <600,000> Contributions to capital 90,000 Federal income tax paid <110,000> Federal income tax refund 15,000 Tax-exempt Income 85,000 Charitable contributions 83,000 Capital gains 60,000 Capital losses <80,000> Capital loss carry forward from 20X2 <122,000> Accelerated depreciation in excess of straight line <96,000> Determine X co.'s current earnings and profits in 20X3.

          1.
During 20X3, X co. reported the following items:
Gross income from operations
$2,000,000
Dividends received from Z co. (39% owned by X co.)
200,000
Dividends received deduction
<160,000>
Ordinary business expenses
<600,000>
Contributions to capital
90,000
Federal income tax paid
<110,000>
Federal income tax refund
15,000
Tax-exempt Income
85,000
Charitable contributions
83,000
Capital gains
60,000
Capital losses
<80,000>
Capital loss carry forward from 20X2
<122,000>
Accelerated depreciation in excess of straight line
<96,000>
Determine X co.'s current earnings and profits in 20X3.

1 during 20x3 x co reported the following items gross income from operations 2000000 dividends received from z co 39 owned by x co 200000 dividends received deduction 160000 ordinary busines 75714

Added by Victor B.

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