ardbeg corporation has 800 000 of taxable income on which it pays a tax of 272 000 i 1552060

Ardbeg Corporation has $800,000 of taxable income on which it pays a tax of $272,000. In determining its earnings and profits for the year, the accountant used the following information:

a. Ardbeg received a dividend of $20,000 from a company in which it has a 60 percent interest.

b. It used a $30,000 capital loss carryover to offset its entire capital gain.

c. It was unable to deduct $12,000 of its charitable contribution due to the limitation.

d. It had a loss of $20,000 on the sale of some investments to its sole shareholder.

e. It received $10,000 in interest on City of Cleveland