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The Kane Company reports current E&P of $200,000 in year 1 and accumulated E&P at the beginning of the year of negative $100,000. Kane distributed
The Kane Company reports current E&P of $200,000 in year 1 and accumulated E&P at the beginning of the year of negative $100,000. Kane distributed $300,000 to its sole shareholder on January 1, year 1. How much of the distribution is treated as a dividend in year 1?
Group of answer choices
$0
$200,000
$300,000
$100,000
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