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? Multiple Choice A distribution from a corporation to a shareholder is always a dividend, regardless of the balance in accumulated earnings and profits. The distribution may be a dividend, depending on whether total (net) earnings and profits at the date of the distribution is positive. The distribution will be a dividend of $500. The distribution will not be a dividend because total (net) earnings and profits is a negative $500 this year.