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Difference between current and accumulated profits & earning

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How do current earnings and profits differ from accumulated earnings and profits? Is there any reason to keep the two accounts separate? How does a corporation's computation of earnings and profits?

How do current earnings and profits differ from accumulated earnings and profits? Is there any reason to keep the two accounts separate? How does a corporation's computation of earnings and profits differ based on the tax treatment of a stock redemption as a dividend as opposed to an exchange?

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Current earnings and profits is calculated by making adjustments to the corporation's regular taxable income and it measures the company's ability to pay dividends out of its current and accumulated earnings without impairing its capital. ...

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