Purple Corporation Has Accumulated E & P of $100,000 on January

question 76

Multiple Choice

Purple Corporation has accumulated E & P of $100,000 on January 1,2015.In 2015,Purple has current E & P of $130,000 (before any distribution) .On December 31,2015,the corporation distributes $250,000 to its sole shareholder,Cindy (an individual) .Purple Corporation's E & P as of January 1,2016 is:

• A)$0.
• B)($20,000).
• C)$100,000.
• D)$130,000.
• E)None of the above.