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QUESTION 34 An example of an adjustment to a corporation's taxable income in calculating earnings and profits is: a. Tax exempt interest b.Excess capital losses

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QUESTION 34 An example of an adjustment to a corporation's taxable income in calculating earnings and profits is: a. Tax exempt interest b.Excess capital losses c. Both a and b d.Both a and b QUESTION 35 Deli Corporation distributes property with a basis of $100,000 and a fair market value of $70,000 to its sole shareholder A. What recognized loss does Deli Corporation have as a result of the distribution? a. 0- b. $30,000 c. $70,000 d. $100.000

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