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The Books and Records of Finton Corporation,an Accrual Method Taxpayer,reflect

Question 97

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The books and records of Finton Corporation,an accrual method taxpayer,reflect the following:
 Taxable income per return $400,000 Tax -exempt interest received 2,500 Federal income tax 84,000 Net capital losses 4,000 Charitable contributions exceeding ceiling 2,000 Dividends-received deduction claimed 40,000 Fines and penalties 10,000\begin{array} { | l | r | } \hline \text { Taxable income per return } & \$ 400,000 \\\hline \text { Tax -exempt interest received } & 2,500 \\\hline \text { Federal income tax } & 84,000 \\\hline \text { Net capital losses } & 4,000 \\\hline \text { Charitable contributions exceeding ceiling } & 2,000 \\\hline \text { Dividends-received deduction claimed } & 40,000 \\\hline \text { Fines and penalties } & 10,000 \\\hline\end{array} Based on the above,what is the amount of Greg Corporation's current earnings and profits for this year?

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