Brent, Matt, Chris, Brad, and Anwer are five unrelated shareholders who each owns 20 of the 100 outstanding shares of Aggie Corporation. On June 30 of this year, Aggie distributed $100,000 in cash to the shareholders. On September 30 of this year, Aggie redeemed all Anwer's shares for $80,000. Aggie had $45,000 of accumulated E&P at the beginning of the year and reported $120,000 of current E&P at year-end. What is Aggie's accumulated E&P at the beginning of next year? Consult Revenue Rule 74-338. (Hint: Determine the tax status of the redemption and then calculate the effect of the June distribution on current E&P.) Note: Negative amount should be indicated with a minus sign. Current E&P Less dividends paid $ 120,000 (100,000) $ 20,000 Undistributed Current E&P Prorated Undistributed Current E&P at 9/30 Add Accumulated E&P at the beginning of year Total Accumulated E&P at 9/30 $ 60,000 Reduce Accumulated E&P by Add current E&P in 4th quarter Accumulated E&P at beginning of next year 69 $ 60,000