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Installment Sale Assignment | Top Universities

Packard Corporation reported taxable income of $1,000,000 in 20X3 and paid federal income taxes of $340,000. Included in the taxable income computation was a dividend received a deduction of $5,000, a net capital loss carryover from 20×2 of $10,000 utilized in 20X3, and gain of $50,000 recognized on the collection of cash from an installment sale that took place in 20X1.
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The corporation’s current E&P for 20X3 would be:
Multiple Choice
Ο $1,015,000.
Ο $965,000.
Ο $675,000.
Ο $625,000.Get Accounting Homework Help Today

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