Return to question 9 Required information (The following information applies to the questions displayed below.) Part 1 of 3 This year, Sooner Company reports a deficit in current E&P of ($400,000). Its accumulated E&P at the beginning of the year was $316,000. Sooner distributed $632,000 to its sole shareholder, Boomer Wells, on June 30 of this year. Boomer's tax basis in his Sooner stock before the distribution is $110,000. (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.) oints a. How much of the $632,000 distribution is treated as a dividend to Boomer? Answer is complete but not entirely correct. Dividend $ 490,630 X