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  3. 3. a calendar year corp. has substantial accumulat

3. A calendar year corp. has substantial accumulated E&P, but it expects to incur a...

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Accounting

3. A calendar year corp. has substantial accumulated E&P, but it expects to incur a deficit in current E&P for the year due to significant losses in the last half of the year. A cash distribution to its shareholders on January 1 should result in a return of capital. Comment on the validity of this statement.

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