When computing current E & P, taxable income must be adjusted for the deferred gain in a § 1031 like-kind exchange.

Name: When computing current E & P, taxable income must be adjusted for the deferred gain in a § 1031 like-kind exchange.
Brand: Quizplus
Rating: 4.8 (35 reviews)

Question

Quizplus · Accepted Answer

In computing current Earnings and Profits (E&P), taxable income is not adjusted for the deferred gain in a § 1031 like-kind exchange because this gain is not recognized for tax purposes at the time of the exchange.

When Computing Current E & P, Taxable Income Must Be