Which of the Following Statements Best Describes Current Earnings and Profits

Which of the following statements best describes current earnings and profits?

A) Current earnings and profits is another name for a corporation's retained earnings on its balance sheet.
B) Current earnings and profits is a precisely defined tax term in the Internal Revenue Code and represents a corporation's economic income.
C) Current earnings and profits is an ill-defined tax concept in the Internal Revenue Code and represents a corporation's economic income.
D) Current earnings and profits is a conceptual tax concept with no definition in the Internal Revenue CodE.Current earnings and profits more accurately describes economic income (at least compared to taxable income) and is only partially defined in the Internal Revenue Code.