Which of the following statements regarding corporate earnings and profits (E&P) is correct?

a. Current E&P is the same as taxable income. b. Negative E&P occurs when a distribution to the shareholder is larger than the balance in current E&P. c. If current E&P is positive and accumulated E&P is negative, you net the two amounts to determine whether the distribution to the shareholder will be treated as a dividend. d. For tax purposes, a dividend is defined as a distribution out of corporate E&P to the shareholder. Both c. and d. None of the above.