Question: Describe the effect of a distribution in a year when the distributing corporation has: a. A deficit in accumulated E & P and a positive

Describe the effect of a distribution in a year when the distributing corporation has:
a. A deficit in accumulated E & P and a positive amount in current E & P.
b. A positive amount in accumulated E & P and a deficit in current E & P.
c. A deficit in both current and accumulated E & P.
d. A positive amount in both current and accumulated E & P.

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