Which of the following items is NOT 100% adjusted from the beginning balance of AAA when calculation the ending balance of AAA? All separately stated loss/deduction items All separately stated income/gain items All ordinary losses All ordinary income Distributions out of AAA Which of the following is CORRECT concerning the LIFO Recapture tax? The first payment is due before the tax-return due date (including extensions). The tax is designed to avoid the tax-benefits of losses resulting from invading LIFO layers. The tax is paid via an initial payment followed by four equal payments. The tax is the responsibility of the C-Corporation. The tax is based upon 25% of the (LIFO less FIFO) adjustment