Multiple Choice
Inca Company reports a deficit in current E&P of ($165,000) in 20X3 and accumulated E&P at the beginning of the year of $330,000. Inca distributed $430,000 to its sole shareholder on January 1, 20X3. How much of the distribution is treated as a dividend in 20X3?
A) $0
B) $165,000
C) $330,000
D) $430,000
Correct Answer:
Verified
Correct Answer:
Verified
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