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Bruin Company reports current E&P of $320,000 in 20X3 and accumulated E&P at the beginning of the year of $160,000. Bruin distributed $520,000 to its

Bruin Company reports current E&P of $320,000 in 20X3 and accumulated E&P at the beginning of the year of $160,000. Bruin distributed $520,000 to its sole shareholder on January 1, 20X3. How much of the distribution is treated as a dividend in 20X3?

  1. $520,000.
  2. $480,000.
  3. $320,000.
  4. $160,000.

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