Walloon Inc.reported taxable income of $1,000,000 in year 2 and paid federal income taxes of $210,000.The company reported a capital gain from sale of investments of $150,000, which was partially offset by a $40,000 net capital loss carryover from year 1, resulting in a net capital gain of $110,000 included in taxable income.Compute the company's current E&P for year 2.

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The Answer of Walloon Inc.reported taxable income of $1,000,000 in year 2 and paid federal income taxes of $210,000.The company reported a capital gain from sale of investments of $150,000, which was partially offset by a $40,000 net capital loss carryover from year 1, resulting in a net capital gain of $110,000 included in taxable income.Compute the company's current E&P for year 2.