Y Corp., a C Corp. has gross business income of $1,000,000 business expenses $500,000; Bank interest of $10,000 ; NYS bond interest of $5,000 ; and Y Corp. also received key person insurance proceeds of $200,000 and paid C Corp. income tax of $100,000

Compute E & P $________________

If Y Corp. is an S Corp. compute AAA $________________

Answer rating: 100% (QA)

Y Corps earnings and profits EP would be calculated as follows Gross business income 1000000 Less bu... View the full answer