Briefly define the term earnings and profits. Provide a brief outline on computing current E&P. If you start with Taxable Income, what adjustments do you make to get to E&P? Provide 3 such adjustments, and explain how they impact taxable income to get to E&P. How does the definition of accumulated E & P differ from the definition of current E & P? In general, how are current and accumulated earnings and profits allocated to corporate distributions?