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Find the maximum amount of the distribution

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Question - Bookshop, a calendar-year corporation, has a deficit in current E & P of $200,000 and a $580,000 positive balance in accumulated E & P. If Bookshop determines that a $1 million distribution to its shareholders is appropriate at some point during the year, which of the following is the maximum amount of the distribution that could potentially be treated as a dividend?

a. $0

b. $380,000

c. $480,000

d. $580,000

e. None of the above

Reference no: EM132524674

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