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When an S Corporation's S status is terminated and the S Corporation becomes a Regular () Corporation, which of the following is true? The Other

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When an S Corporation's S status is terminated and the S Corporation becomes a Regular () Corporation, which of the following is true? The Other Adjustments Account (OAA) immediately becomes Current Earnings And Profits (CEP). The Accumulated Adjustments Account () remains Accumulated Adjustments Account (M) for approximately one (1) year after termination of the status The Previously Taxed Income (PTI) immediately becomes Accumulated Earnings And Profits (AEP) The Accumulated Adjustments Account (AAA) immediately becomes Accumulated Earnings And Profits (AEP)

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