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A calendar year S corporation has a balance at the beginning of the year of...

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Accounting

A calendar year S corporation has a balance at the beginning of the year of $3,000 in its AAA and $20,00 in accumulated E&P from its years as a C Corporation. During the year, the corporation earns ordinary operating income of $10,000 and makes a $15,000 distribution to its shareholders. How much, if any, of the $150,000 distribution is taxed as dividend income to the shareholders?

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