With respect to the M&P deduction, which of the following statements is NOT correct? The amount of M&P profits is determined by a formula that is found in the Income Tax Regulations. The base for the M&P deduction cannot exceed M&P profits, reduced by the amount eligible for the SBD. At the federal level, there is no income tax advantage associated with the use of the M&P deduction. The M&P deduction is available to any corporation that has any income from M&P