The books and records of May Inc., a calendar year S corporation, reflect the following information for 2010: Accumulated adjustments account (1/1/10): $60,000 Accumulated earnings and profits (1/1/10): $50,000 Ordinary Income for 2010: $204,000 May Inc., has one shareholder,Paula, whose basis in May's stock was $100,000 on 1/1/10. During 2010, May distributed $300,000 to Paula. What is the amount of the distribution that would be treated as a dividend by Paula? a. 0 b. 36,000 c. 264,000 d. 300,000 e. none of the above