R Corporation Files Its Tax Return on a Cash Basis

question 24

Multiple Choice

R Corporation files its tax return on a cash basis and has a taxable income of $50,000.It received a Federal income tax refund of $3,000.Interest income of $6,000 includes $2,000 that is tax-exempt.Payroll tax penalties of $250 were assessed and paid.R Corporation's current earnings and profits, as calculated using these items only, would be

• A)$54,750
• B)$56,750
• C)$50,000
• D)$52,000
• E)$52,750

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Definitions:

Unconscious Patronization

The act of treating someone with an apparent kindness that betrays a feeling of superiority, without being aware of doing so.

Prejudice

Preconceived opinion or bias, often stemming from stereotypes, towards an individual or group without sufficient knowledge, reason, or direct experience.

Stereotyping

The act of assigning a set of characteristics to a group of people, disregarding individual differences.

Frustration-Aggression Principle

A theory suggesting that frustration often leads to aggressive behavior, as aggression is a result of blocked goal achievement.