Exit Corporation has accumulated E&P of $4,000 at the beginning of the current tax year. Current E&P is $50,000. During the year, the corporation makes the following distributions to its sole shareholder who has a $22,000 basis for her stock.. Date April 1 June 1, August 1 November 1. Amount Distributed $20,000 20,000. 15,000. 5,000 The treatment of the $20,000 April 1 distribution would be $16,667 is taxable as a dividend from current E&P, and $3,333 is taxable as dividend from accumulated E&P. $20,000 is taxable as a dividend from current E&P.. $15,000 is taxable as a dividend; $5,000 from current E&P and the balance from accumulated E&P... $20,000 is taxable as a dividend from accumulated E&P