In the following independent situations indicate the effect

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In the following independent situations, indicate the effect on taxable income and E & P, stating the amount of any increase that occurs as a result of the transaction. Assume E&P has already been increased by taxable income. -Taxable Income Increase -E&P Increase This is the transaction 1. Realized gain of $50,000 on involuntary conversion of building ($30,000 of gain is recognized)

Reference no: EM13481473

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