Greg Corporation, an Accrual Method Taxpayer, Had Accumulated Earnings and Profits

question 1325

Multiple Choice

Greg Corporation, an accrual method taxpayer, had accumulated earnings and profits of $300,000 as of Decembe year. For its current tax year, Greg's books and records reflect the following: Based on the above, what is the amount of Greg Corporation's current earnings and profits for this year?

• A) $120,400
• B) $128,900
• C) $122,900
• D) $124,900