FED TAX 2 CH 7

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4 Terms

1
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ADD

Tax-exempt bond interest.

• Life insurance proceeds.

• Federal tax refunds (if a cash-basis taxpayer).

• Increase in cash surrender value of corporate-owned life insurance policy.

2
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ADD

Dividends received deduction.

• NOL deduction carrybacks and carryforwards.

• Net capital loss carryforwards.

• Contribution carryforwards.

3
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SUBTRACT

Federal income taxes paid or accrued.

• Current-year charitable contributions in excess of the 10 percent limitation.

• Nondeductible premiums on life insurance policies.

• Current-year net capital loss.

• Entertainment, penalties and fines.

4
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ADD OR SUBTRACT

Deferred gain on installment sales.

• Increase in cash surrender value of corporate-owned life insurance policies.

• Regular tax depreciation that differs from E&P depreciation (plus or minus).