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

question 119

Multiple Choice

Purple Corporation has accumulated E & P of $100,000 on January 1, 2019. In 2019, Purple has current E & P of $130,000 (before any distribution) . On December 31, 2019, the corporation distributes $250,000 to its sole shareholder, Cindy (an individual) . Purple Corporation's E & P as of January 1, 2020 is:

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

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