Question: In determining Blue Corporation's current E & P for 2015, how should taxable income be adjusted as a result of the following transactions? A capital

In determining Blue Corporation's current E & P for 2015, how should taxable income be adjusted as a result of the following transactions?

  1. A capital loss carryover from 2014, fully used in 2015.
  2. Nondeductible meal expenses in 2015.
  3. Interest on municipal bonds received in 2015.

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