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Using the legend provided, classify each statement accordingly. In All cases, assume that taxable income is being adjusted to arrive at current E&P for 2019.
Using the legend provided, classify each statement accordingly. In All cases, assume that taxable income is being adjusted to arrive at current E&P for 2019. A decrease in the LIFO recapture amount during the year. Charitable contribution carryforward deducted in the current year. Dividends received deduction. 1. Increase Excess capital loss in year incurred. 2. Decrease 3. No effect > State income tax paid in the current year. Proceeds of life insurance received upon the death of a key employee (policy had no cash surrender value). DO Penalties paid to state government for failure to comply with state law
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