Grand River Corporation reported taxable income of $800,000 in 20X3
and paid federal income taxes of $272,000. Not included in the computation was a disallowed meals and entertainment expense of $2,600, tax-exempt income of $1,600, and deferred gain on a current year transaction treated as an installment sale of $28,000. The corporation's current earnings and profits for 20X3 would be:
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