Which one of the following current year income and expense, Ask an Expert

Accounting

Dixon Corporation was incorporated on January 1, 1995. The corporation made its S election on April 1, 1998. The corporation retains an E&P balance from its C corporation days. Which one of the following current year income and expense items is not included in Dixon Corporation's Accumulated Adjustments Account?

a. ordinary income or loss

b. tax-exempt bond interest income

c. long-term capital gains or losses

d. amortization of organizational expenditures

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9411459

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