Define current E&P and accumulated E&P. Choose one of the examples in the text (Example 14-1, 14-2, 14-3 or 14-4) to illustrate how E&P affects the character of the distribution to shareholders. Walk us through the example and explain the character of the distribution to each shareholder. What tax effect does the character (dividend, return of capital, gain) of the distribution have on the shareholder?