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Wallon, Inc. reported the following for 20X3:
a. Taxable income of $1,000,000
b. Paid federal income taxes of $210,000
c. Capital gain from sale of investments, $150,000; loss on sale of land held for investment, $200,000
d. Section 179 expenses of $300,000
e. Gain on sale of equipment: $50,000 in proceeds, with an original cost of $75,000. Accumulated depreciation for tax purposes was $30,000 and accumulated depreciation for E&P purposes was $40,000.
f. Decrease in LIFO recapture of $5,000
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