In Determining Accumulated Taxable Income for the Purpose of the Accumulated

question 33

Multiple Choice

In determining accumulated taxable income for the purpose of the accumulated earnings tax, which one of the following is allowed as a deduction?

• A)excess charitable contributions
• B)dividends-received deduction
• C)net operating loss deduction
• D)net capital loss for the current year

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Definitions:

Lessee

A person or entity that leases or rents property from another; the counterpart to the lessor.

Landlord

The person or people that own a rented house or apartment.

Tenant

A person who rents a house or apartment.

Gross Income

The total income earned before any deductions or taxes are subtracted.