Computing Current E&P (2of3) Taxable income Plus Income excluded from taxable income but included in E&P Income deferred to a later year when computing taxable income but included in E&P in the current year Continued on the next slide 77 Computing Current E&P (2 of 3) Taxable income Plus – Income excluded from taxable income but included in E&P – Income deferred to a later year when computing taxable income but included in E&P in the current year Continued on the next slide