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As of January 1, Lumber Corporation has a deficit in accumulated E and P of $75,000 For the Tax year current, E and P (all which accused ratably) is $40,000

/in /by

As of January 1, Lumber Corporation has a deficit in accumulated E and P of $75,000 For the Tax year current, E and P (all which accused ratably) is $40,000

(prior to any distribution). On July 1, Lumber Corporation distributes $60,000 to its sole, non corporate shareholder. Which of the following is the the amount of the distribution that is a dividend?

A- $0

B- $40,000

C- $60,000

D-$75,000

E- None of the above

 
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