Multiple Choice
Purple Corporation has accumulated E & P of $100,000 on January 1, 2018. In 2018, Purple has current E & P of $130,000 (before any distribution) . On December 31, 2018, the corporation distributes $250,000 to its sole shareholder, Cindy (an individual) . Purple Corporation's E & P as of January 1, 2019 is:
A) $0.
B) ($20,000) .
C) $100,000.
D) $130,000.
E) None of the above.
Correct Answer:

Verified
Correct Answer:
Verified
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