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A Flowchart Analysis of the Federal Income Tax Concept of Earnings and Profits

Thomas R. Pope
The Accounting Review
Vol. 54, No. 1 (Jan., 1979), pp. 163-169
Stable URL: http://www.jstor.org/stable/246243
Page Count: 7
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A Flowchart Analysis of the Federal Income Tax Concept of Earnings and Profits
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Abstract

The tax concept of earnings and profits is a complex and little understood subject. Part of the complexity can be explained by (1) the concept of earnings and profits is not well-defined in the tax law, and (2) its components are spread throughout the Internal Revenue Code. This paper presents a flowchart approach to analyze and integrate the essential elements of earnings and profits of corporate taxpayers for determination of the taxability and character of corporate distributions to shareholders. The flowcharts should be useful in helping students and professional accountants understand this concept.

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