Assume that S corporation has earnings and profits, which of the following statements is true?...
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Accounting
Assume that S corporation has earnings and profits, which of the following statements is true?
A) The accumulted adjustments account is decreased by expenses related to tax exempt income
B) The accumulated adjustments account is decreased by federal taxes attributable to a C corporation year.
C) The accumulated adjustments account is decreased by the shareholders deduction for depletion from oil and gas property under IRC SECTION 613A(C) (11) (B)
D) The accumulatd adjustments acciunt is increased by tax-exempt income
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