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What amount of the distribution will be a taxable dividend

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Question - XYZ Inc. was a C corporation through the end of Year 6. Starting at the beginning of Year 7, XYZ Inc. elected S corporation status. At the end of Year 6, XYZ had accumulated earnings and profits (E&P) of $53,700. At the end of Year 7, XYZ had a balance of $32,000 in its accumulated adjustments account (AAA). During Year 8, XYZ had ordinary income of $15,300 and made distributions of $100,000. What amount of the distribution will be a taxable dividend to the shareholders of XYZ at the end of Year 8?

a. $47,300

b. $52,700

c. $53,700

d. $1,000

Reference no: EM132504427

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