Which of These Items Is Not an Adjustment to Taxable

question 59

Multiple Choice

Which of these items is not an adjustment to taxable income or net loss to compute current E&P?

• A)Dividends received deduction.
• B)Tax-exempt income.
• C)Net capital loss carryforward utilized in the current year from the prior-year tax return.
• D)Refund of prior-year taxes for an accrual-method taxpayer.

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Definitions:

Pension Fund

A financial institution that collects and manages employees' retirement savings, investing that money to generate income for future pensions.

Economic Boom

A period of significant financial growth within a country or region, characterized by increased production and consumption.

Entrepreneurial Angels

Individuals who provide early-stage capital to start-up companies in exchange for equity ownership or convertible debt.

Businesses

Organizations or enterprises engaged in commercial, industrial, or professional activities, aiming to generate profits.