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Lanco Corporation, an accrual-method corporation, reported taxable income of $1,460,000 this year. Included in the computation of taxable income were the following items:
• MACRS depredation of $200,000. Straight-line depredation would have been 5120,000.
• A net capital loss carryover of $10,000 from last year.
• A net operating loss carryover of 525.000 from last year.
• $65,000 capital gain from the distribution of land to the company's sole shareholder (see below). Not included in the computation of taxable income were the following items:
• Tax-exempt income of $5,000.
• Life insurance proceeds of $250,000.
• Excess current year charitable contribution of $2,500 (to be carded over to next year).
• Tax-deferred gain of 520.000 on a like-kind exchange.
• Federal income tax refund from last year of $35,000.
• Nondeductible life insurance premium of $3,500.
• Nondeductible interest expense of $1,000 on a loan used to buy tax-exempt bonds. Lanco paid federal income taxes this year of $496,400. The company's accumulated E&P at the beginning of the year was $2,400,000. During the year, Lanco made the following distributions to its sole shareholder, Luigi (Lug) Nutt:
• June 30: $50,000.
• September 30: Parcel of land with a fair market value of 575,000. Lanco's tax basis in the land was $10,000. Lug assumed an existing mortgage on the property of 515.000.
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