Corporation Z distributes $200 total in cash to shareholder C and $200 total in cash to shareholder D during the current year at quarterly intervals, $50 in cash per quarter per shareholder. At the end of the preceding taxable year Z's accumulated E&P was $200. In the current taxable year, corporation Z broke even.

a The first two quarterly installment of $50 to each shareholder are dividends.

b $25 of each quarterly distribution is a dividend to each shareholder.

c There are no dividends to either shareholder

d NOne of the above.

Which is the correct answer ( wich letter is the correct)