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4. Jane is the sole shareholder of Buttons, Inc. Buttons has a deficit of $60,000 in accumulate( earnings and profits (E & P) at the

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4. Jane is the sole shareholder of Buttons, Inc. Buttons has a deficit of $60,000 in accumulate( earnings and profits (E & P) at the beginning of the current year. Current E & P is $35,000. If Buttons pays out a cash distribution to Jane during the current year of $50,000, how much is a taxable dividend to Jane? a. $0 b. $35,000 c. $50,000 d. $85,000

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