Kite Corporation,a calendar year taxpayer,has taxable income of $360,000 for 2016.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) $ 9,000 Realized gain (not recognized) on an involuntary conversion 10,000 Nondeductible fines and penalties 21,000 Disregarding any provision for Federal income taxes,determine Kite Corporation's current E & P for 2016.

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The Answer of Kite Corporation,a calendar year taxpayer,has taxable income of $360,000 for 2016.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) $ 9,000 Realized gain (not recognized) on an involuntary conversion 10,000 Nondeductible fines and penalties 21,000 Disregarding any provision for Federal income taxes,determine Kite Corporation's current E & P for 2016.

Kite Corporation,a Calendar Year Taxpayer,has Taxable Income of $360,000 for 2016.Among