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Loss Corporation, a calendar-year C corporation, had a deficit in accumulated earnings and profits (E&P)...

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Accounting

Loss Corporation, a calendar-year C corporation, had a deficit in accumulated earnings and profits (E&P) at January 1, 2023 of ($300,000). However, Loss Corporation generated current E&P in 2023 of $500,000, and distributed $400,000 to its sole shareholder, Alex, on June 30, 2023. How much of the distribution is treated as a dividend by Alex?

a.$500,000

b.$400,000

c.$200,000

d.$50,000

e.$0

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