Kite Corporation, a Calendar Year Taxpayer, Has Taxable Income of $360,000

Essay

Kite Corporation, a calendar year taxpayer, has taxable income of $360,000 for 2020. Among its transactions for the year are the following: $$\begin{array}{l}\text { Collection of proceeds from insurance policy on life of corporate }\\\begin{array} { l r } \text { officer (in excess of cash surrender value) } & \$ 9,000 \\\text { Realized gain (not recognized) on an involuntary conversion } & 10,000 \\\text { Nondeductible fines and penalties } & 21,000\end{array}\end{array}$$ Disregarding any provision for Federal income taxes, determine Kite Corporation's current E & P for 2020.