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The Amble Corporation has $4,000 in current earnings and profits and $23,000 in accumulated earnings and profits. It makes a $6,000 dividend distribution at the

The Amble Corporation has $4,000 in current earnings and profits and $23,000 in accumulated earnings and profits. It makes a $6,000 dividend distribution at the end of the year to its shareholders. How is this distribution taxed, and what is the corporations balance in CE&P and AE&P at the beginning of the next year?

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