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A calendar - year corporation has positive current E&P of $ 1 , 5 0 0 and a deficit in accumulated E&P of ( $

A calendar

-

year corporation has positive current E&P of $

1, 500

and a deficit in accumulated E&P of

(

2, 000) .

The corporation makes a $

500

distribution to its sole shareholder on July

1 .

Which of the following statements is true?

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