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CorpTax-Slides for Chapter 3.f13

1312 6b exempt proceeds from life insurance exempt

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Unformatted text preview: income to arrive at E&P Tax-exempt income—Reg. § 1.312-6(b) Exempt proceeds from life insurance Exempt interest on state and municipal obligations Dividends received deduction—Reg. § 1.312-8 Deductions not used in prior years and carried over and used Deductions currently currently Net operating loss carryovers Excess capital loss carryovers Excess charitable contribution carryovers Excess of MACRS over straight-line depreciation—§ 312(k) Excess of statutory depletion over cost depletion 4 Current Earnings and Profits (Cont’d) Common deductions from taxable income to arrive at Common E&P E&P Disallowed deductions Federal income taxes Expenses associated with tax exempt income Bribes, fines, and penalties Meals and entertainment Net premiums on officers’ life insurance Expenses and losses between related parties Excess charitable contributions over limitations Net capital losses 5 Current Earnings and Profits (Cont’d) Common deductions/additions to taxable income to Common arrive at E&P arrive Gain or loss on the sale of depreciable assets Amounts deducted under § 179 must be deducted Amounts ratably over a five-year period for E&P—§ 312(k)(3)(B) 6 Distributions—General Rules Character of the distribution Dividend to the extent of current E&P Dividend to the extent of accumulated E&P Return of capital to the extent of basis in stock Capital gain Computation of current E&P Computed as of the end of the taxable year Withou...
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