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Jaquelin Corporation (a calendar year taxpayer) has taxable income of $300,000, and its financial records...

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Accounting

Jaquelin Corporation (a calendar year taxpayer) has taxable income of $300,000, and its financial records reflect the following for the year.

Federal income taxes paid $110,000

Net operating loss carryforward deducted currently 70,000

Gain recognized this year on an installment sale from a prior year 44,000

Depreciation deducted on tax return (ADS depreciation would have been $10,000) 40,000

Interest income on Iowa state bonds 8,000

Jaquelin Corporations current E & P is:

a.

$254,000.

b.

$214,000.

c.

$194,000.

d.

$104,000.

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