Compute earnings and profits

Reference no: EM1365137

1. How does a corporation compute earnings and profits (E&P)? What income is deferred to a later year when computing taxable income but is included in E&P in the current year? What deductions are allowed for taxable income purposes but denied for E&P?

2. Distinguish between current and accumulated earnings and profits. Why is it important to make this distinction?

Reference no: EM1365137

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