During the current year, Z Corporation accrued income and expenses as follows: G

ID: 2372547 • Letter: D

Question

During the current year, Z Corporation accrued income and expenses as follows: Gross income from Business: $1000 Dividends on Apple Stock $300 Interest on State Bonds $300 Capital gain $300 Total $2400 Deductible business expenses 1290 Non Capital Expense, Non deductible under 162 (e) 270 Capital Loss 438 Total 1998 Net $402 a. For the calculation of earnings and profits (E&P), the $300 state bond interest is includable b. Accrued corporate tax will reduce E&P c. The DRD on the Apple dividend at 70% is not deducted for E&P purposes. d. All of the above e. None of the aboe

Explanation / Answer

d. All of the above is the answer.

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During the current year, Z Corporation accrued income and expenses as follows: G

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During the current year, Z Corporation accrued income and expenses as follows: G

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