Solution for QID #71208: Assume the normal starting point for determining the e&p | StudyHelpMe

Assume the normal starting point for determining the e&p for the current year. Indicate whether each of the following would increase s (INC), decreases (DEC) or have no effect (N/E) on the starting point a corporation’s E&P. For example a payment of deductible salary would be n/a because it’s already included in calculating the starting point. Be specific as to amounts, the first answer is the amount and the second answer is the inc, dec, or n/e: a) Refund of federal tax of $8,000. b) payment of a fine to the local government $2,000. c) receives proceeds on life insurance when a corporate officer dies $100,000. d) uses in calculating its taxable income a dividends received deduction of $80,000. e) makes a charitable contribution of $1,000 but is limited to deducting $800 This s a continuation of the prior question. 6) uses a capital loss carryforward of $27,000 against capital gains from the current year   7) spent $50,000 on entertaining clients during the year   8) incurred a capital loss of $7,000 on the sale of a municipal bond. It was the only capital gain or loss for the year.    9) included in taxable income is an installment payment of $9,000 from a sale of property two years ago. The sale was reported on the installment method. 10) Engaged in a tax deferred like kind exchange with an independent party. The gain realized was $24,000. There was no boot received in the transaction.