E&P_adjustments - Some Common Earnings and Profits...

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Some Common Earnings and Profits Adjustments Taxable Income: Í starting point Plus: Tax-exempt interest income Deferred gain on installment sales Dividends-received deduction Excess of accelerated depreciation over straight-line depreciation Excess of ACRS depreciation over ADS straight-line depreciation Excess of LIFO cost of goods sold over FIFO cost of goods sold Four-fifths (4/5) of deduction for immediate expensing of assets under Sec. 179 taken during the current year Excess of deductions for construction period interest and taxes over the amortization of such costs Excess of depletion taken over cost depletion Increases in cash surrender value of life insurance when the corporation is the beneficiary (directly or indirectly) Proceeds of life insurance when the corporation is the beneficiary (directly or indirectly) Amortization of organization and circulation expenditures Net operating loss deductions carried over from other years
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This note was uploaded on 09/09/2011 for the course TAX 5015 taught by Professor Kelliher,c during the Spring '08 term at University of Central Florida.

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