As of January 1, 2022, Georgia Corporation (a calendar year taxpayer) had a positive balance in Accumulated Earnings And Profits (E&P) of $100,000. For the tax year of 2022, Georgia Corporation's Current Earnings And Profits (E&P) was a " Deficit" (negative) ($60,000). On March 31, 2022, Georgia Corporation distributed $120,000 to its sole shareholder. The amount of the distribution that is a Taxable Dividend Income to the shareholder is: $100,000. $ 40,000. $ 85,000. $ 15,000.