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in calculating current earnings and profits, tax-exempt income received by the corporation should be subtracted...

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Accounting

in calculating current earnings and profits, tax-exempt income received by the corporation should be subtracted from taxable income

True or False

(Please explain)

If a corporation makes charitable contributions in excess of the allowable annual limitation, the nondeductible portion may be carried back 3 years and carried forward up to 5 years?

True or False

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