Indicate by I If the Following Is an Increase in Taxable

question 23

Short Answer

Indicate by I if the following is an increase in taxable income to determine current earnings and profits or D if it is a decrease in taxable income in determining current earnings and profits.
-Corporate charitable contributions in excess of 10 percent limit.
b. A fine for monopolistic practices
c. Net operating loss carryovers
d. Life insurance proceeds
e. Expenses related to tax-exempt income
f. Capital loss carryovers
g. Dividends received deduction
h. Federal income tax refunds
i. Disallowed losses on sales to related parties
j. Section 179 expense in excess of allowable depreciation

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Definitions:

'Sell' Itself

When a product, service, or idea is so appealing or well-marketed that it requires minimal effort to persuade consumers to purchase or adopt it.

Tangible Capital

Physical assets owned by a firm or individual that are used in the production of goods and services, such as machinery, buildings, and vehicles.

Capital

The collection of physical and financial assets used by an individual or organization to produce goods and services.

Services

Services like accounting, banking, cleaning, consulting, education, insurance, professional knowledge, medical care, and transportation that cannot be physically touched.