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Topaz Corporation, a calendar year C corporation, had accumulated earnings and profits of $60,000 as...

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Accounting

Topaz Corporation, a calendar year C corporation, had accumulated earnings and profits of $60,000 as of January 1,2019, the beginning of its tax year. Topaz had an operating loss of $70,000 for the first 6 months of 2019 but had earnings and profits of$6,000 for the entire tax year 2019. Topaz distributed $15,000 to its shareholders on July 1,2019. What portion of the $15,000 distribution would be an ordinary dividend?

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