Silver Corporation, a calendar year taxpayer, has taxable income of $550,000. Among its transactions for the year are the following: Collection of proceeds from insurance policy on life of corporate officer (in excess of cash surrender value) $82,500 Realized gain (not recognized) on an involuntary conversion 11,000 Nondeductible fines and penalties 44,000 Disregarding any provision for Federal income taxes, Silver Corporation’s current E & P is:
a. $500,500.
b. $588,500.
c. $599,500.
d. $687,500.
e. None of the above.