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Pheasant Corporation, a calendar year taxpayer, has taxable income of $600,000. Among its transactions for...

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Accounting

Pheasant Corporation, a calendar year taxpayer, has taxable income of $600,000. 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) $10,000
Realized gain (not recognized) on an involuntary conversion 5,000
Nondeductible fines and penalties 35,000

Disregarding any provision for Federal income taxes, Pheasant Corporation's current E & P is:

a.$575,000.

b.$600,000.

c.$580,000.

d.$650,000.

e.$565,000.

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