For purposes of determining current E&P, which of the following items cannot be deducted in the year incurred?
A)charitable contribution in excess of the 10% limitation
B)capital losses in excess of capital gains
C)life insurance premiums (in excess of the increase in cash surrender value for the policy)paid on the lives of key employees
D)dividends-received deduction

Question

Quizplus · Accepted Answer

The dividends-received deduction is a deduction for dividends received by a corporation from other domestic corporations. It reduces taxable income and is not taken into account for the calculation of E&P. The other items listed are deductions that are taken into account for the calculation of E&P.

For Purposes of Determining Current E&P, Which of the Following