March 30, 2017

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Pheasant Corporation ended its first year of operations with taxable income of $225,000. At the time of Pheasant¡¯s formation, it incurred $50,000 of organizational expenses. In calculating its taxable income for the year, Pheasant claimed an $8,000 deduction for the organizational expenses. What is Pheasant¡¯s current E & P?

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