If the beginning balance in OAA is zero and the following transactions occur, what is the ending OAA balance?
Depreciation recapture income $21,000
Payroll tax penalty 4,200
Tax-exempt interest 5,700
Nontaxable life insurance proceeds 3,900
Insurance premiums paid (nondeductible) 2,900
Charitable contributions 17,000
A. $1,300.
B. $6,700.
C. $23,300.
D. $27,500.
Answer: B
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