Question: Which statement is incorrect with respect to determining current E & P? All tax-exempt income should be added back to taxable income. Dividends received deductions

Which statement is incorrect with respect to determining current E & P?

All tax-exempt income should be added back to taxable income. Dividends received deductions should be added back to taxable income. Charitable contributions in excess of the 10% of taxable income limit should be subtracted from taxable income. Federal income tax refunds should be added back to taxable income. None of the above

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