Current E&P Does Not Include

question 64

Multiple Choice

Current E&P does not include

• A)tax-exempt interest income.
• B)life insurance proceeds where the corporation is the beneficiary.
• C)federal income tax refunds from prior years.
• D)All of the above are included.

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Definitions:

Marginal Tax Rate

The rate at which the last dollar of a taxpayer's income is taxed, indicating the rate of tax applied to your highest level of income.

Federal Tax Legislation

Laws passed by the United States Congress that relate to taxes imposed by the federal government.

Senate Finance Committee

A powerful committee in the United States Senate that deals with matters related to taxation, revenue, and other financial policies.

Form 1040EZ

Form 1040EZ was a simplified tax form for individuals with uncomplicated tax situations, but it is no longer in use as of 2018.