C:4-28 Current E8P Computation. Water Corporation reports $500,000 of taxable income for the current year. The following additional information is available:
For the current vear. Water reports an $80.000 long-term capital loss and no capital gains
Taxable income includes $80.000 of dividends from a 10%-owned domestic corooration
Water paid fines and penalties of $6.000 that were not deducted in comouting taxable income
in computing this vear's taxable income. Water deducted a $20.000 NOL carrvover from a orior tax vear
Taxable income includes a deduction for $40,000 of depreciation that exceeds the depreciation allowed for E&P purposes
Assume a 21% corporate tax rate. What is Water's current EXP for this vear?