Question: When computing current Earnings and Profits (E&P), taxable income is not adjusted for the deferred gain in a 1031 like-kind exchange. The gain from a

When computing current Earnings and Profits (E&P), taxable income is not adjusted for the deferred gain in a 1031 like-kind exchange. The gain from a like-kind exchange is deferred for both taxable income and E&P purposes until it is recognized. Therefore, no adjustment is necessary for E&P calculations until the gain is realized

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