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Question - The books and records of May Inc., a calendar year S corporation, reflect the following information for 2010:
Accumulated adjustments account (1/1/10): $60,000
Accumulated earnings and profits (1/1/10): $50,000
Ordinary Income for 2010: $204,000
May Inc., has one shareholder,Paula, whose basis in May's stock was $100,000 on 1/1/10. During 2010, May distributed $300,000 to Paula. What is the amount of the distribution that would be treated as a dividend by Paula?
a. 0
b. 36,000
c. 264,000
d. 300,000
e. none of the above
Provide and show all answers and step by step work to obtain the answer, not skipping any steps. Show all equations, acronyms (ie ETC, ACWP, etc), and if applicable, a description of how you came to the answer.
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