Which of these items is not an adjustment to taxable income or net loss to compute current E&P?

a. Disallowed portion of meal expenditures.

b. Executive compensation.

c. Tax exempt life insurance proceeds.

d. Federal income taxes paid or accrued

d. Federal income taxes paid or accrued

Explanation:

There are different items considered as a taxable income adjustment. The taxable income adjustment is usually computed by subtracting exemptions such as itemized or personal deductions from the adjusted gross income. However, a refund due to taxes conducted in the previous year is not one of the taxable income adjustment.