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True / False Tax Drill - E & P Indicate whether the following statements are True or False regarding the computation of E & P.
True / False
Tax Drill - E & P Indicate whether the following statements are "True" or "False" regarding the computation of E & P. a. To determine current E & P, it is necessary to add all previously excluded income items False back to taxable income. b. When calculating E & B, it is necessary to subtract certain nondeductible expenses from False taxable income. c. No adjustment to taxable income is required for the dividends received deduction and the domestic production activities deduction when determining E & R. d. Gains and losses from property transactions generally affect the determination of E&P only to the extent they are recognized for tax purposes. e. Accounting methods used for determining E & P are generally more conservative than those allowed for calculating taxable incomeStep by Step Solution
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