Current E&P does not include tax-exempt interest income. life insurance proceeds where the corporation is the...

Current E&P does not include

tax-exempt interest income.
life insurance proceeds where the corporation is the beneficiary.
federal income tax refunds from prior years.
AM of the above are included.

Expert Solution

Answer: Option d (all of the above are included) is correct.
Current E&P includes tax-exempt interest income, federal income tax refunds from prior years and life insurance proceeds where the corporation is the beneficiary. So, options a,b and c are included.

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