Alaska, Inc. uses MACRS for income tax purposes. However, MACRS is not allowed in determining the company's current and accumulated earnings and profits. Which section of the Internal Revenue Code best provides guidance on the effect of depreciation on earnings and profits? Enter your response in the answer fields below. Guidance on correctly structuring your response appears above and below the answer fields. Type the section here. Examples of correctly formatted sections are shown below. IRC S Some examples of correctly formatted IRC responses are IRCS1(a), IRC$56(a), Together Corp. was formed by George Foote and Cindy Lipp. Both shareholders contributed cash and property in exchange for 100% of Together's stock. The property Cindy contributed has appreciated considerably since she purchased it. Cindy is concerned with how this transaction will impact her tax return. Which section of the Internal Revenue Code best addresses the general rule for the treatment of gains and losses arising from the transfer of property to a corporation? Enter your response in the answer fields below. Guidance on correctly structuring your response appears above and below the answer fields. Type the section here. Examples of correctly formatted sections are shown below. IRC S